Canadians Owe Debt in Retirement

A popular trend in news headlines is that Canadians are retiring while they still owe debt. After years of hard work, the last thing an individual should worry about is that they still owe debt.

Canadians Owe Debt in Retirement

Canadians are not ready for retirement

A Canadian market research firm by the name of Insights West, recently did the, Canadians on Retirement survey. The online poll was sent out to retirees across the country to understand what happens financially when Canadians retire.

Canadians Before Retirement

The survey had some interesting statistics about Canadians before their retirement:

  1. 42% of Canadians in the work force had properly planned for retirement
  2. 30% did not do any financial planning for when they retire

Canadians After Retirement

You can see how most Canadians are not financially preparing themselves for retirement. In contrast, the Canadians on Retirement survey gave insight to the situation after Canadians retire. The results from the survey were as follows:

  1. 62% of Canadians found that they retired earlier than expected
  2. 18% of Canadians needed to continue working after their planned retirement
  3. 30% of Canadians started their retirement with more debt than expected

It’s interesting to see those numbers right in front of you. They show that many Canadians are not financially preparing themselves for the future. It is possible that you might think you have more time then expected, but, it is never too late to start planning for retirement.

Financial Planning Vs. Retirement

All the results from the survey were not bad, there were some good results. Out of all the retirees surveyed, 53% of them worked with a financial planner. Of those 53%, 65% said that their retirement had worked out the way they expected it too. 77% believed that they would be financially stable throughout their retirement.

It always a good idea to start planning your retirement as early as possible. If you are in debt, it is always a good idea to seek out some debt consultation. An Insolvency Trustee licensed by the government of Canada is a professional you can trust to help you with your finances.

We are Licensed Insolvency Trustees that have extensive experience in addressing financial issues and challenges such as those noted above as well as all the questions you may have, including managing credit.

Feel free to email us at, call us at 416 736 4357 (HELP), or fill out the contact form on this website, to book a free, no-obligation consultation with one of our debt solutions’ experts.

Make an appointment today, and we will provide some solutions specifically tailored to your situation. We look forward to assisting.