When many Canadian seniors are supposed to be enjoying retirement, they are instead worrying about their finances.
At least that is what a report done by the Financial Planning Standards Council found. The organization addresses the financial jeopardy many seniors find themselves facing.
“Seniors are not prepared. Their golden years are in fact quite tarnished,” financial educator Kelley Keehn said.
Nearly half of seniors surveyed (45 per cent) said they have at least one financial concern. A quarter of seniors fear they will run out of money before they die while another quarter worry about not being able to pay for long-term care.
Other numbers from the report show that 20 per cent of Canadians are still working past the age of 60 while 56 per cent of Canadians 60 and older face at least one form of debt.
But Keehn said seniors shouldn’t feel ashamed to ask for help.
“If you still have to work, you’ve got debt, you don’t have the savings, it’s not too late, there’s always something you can do,” Keehn said.
She recommends contacting a professional planner or a non-profit credit counsellor to help create a path towards a successful financial future.
“You need a certified financial planner to sit down and crunch the numbers,” Keehn said. “If you get a pro on your side that is going to help put that plan in place, they’ll be like your GPS when you veer off course.”
Some of the common debt identified by seniors who were surveyed include:
- credit card debt (32 per cent)
- line of credit (23 per cent)
- mortgage (19 per cent)
- auto-loans (14 per cent)
Keehn suggests revisiting your mortgage plan to make sure it doesn’t become an issue down the road.
“What would an extra 100 bucks a month, 100 bucks a week do to make you mortgage free?” Keehn said. “You could reach your goal a lot sooner than you realize.”