One-in-four retirees are living with debt, such as mortgages or unpaid credit cards, according to the Sun Life Financial Barometer, a national survey.
The survey results show that 20 per cent of retirees are still making mortgage payments. In addition, the results reveal that retirees still use credit in some of the same ways they did before retirement, says Sun Life. Other than mortgages, other ways they still owe money include: 66 per cent have unpaid credit cards; 26 per cent are making car payments; 7 per cent have unpaid health expenses; 7 per cent owe money on holiday expenses or vacation property; and 6 per cent haven’t paid off home renovations.
Talk to an advisor
“Through our national survey, we took a moment to check-in with Canadians and gauge how they are stacking up when it comes to their finances,” said Jacques Goulet, President, Sun Life Financial Canada in a Feb. 21 announcement. “From credit card debt to a mortgage, retirees are faced with a list of expenses in life after work. We recognize that managing finances can be overwhelming, particularly for those who are no longer working. Seeking sound advice and working with a financial advisor can help you reach your goals.”