Mortgages weigh down golden years

62% plan to retire with debt load.



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While taking care of your finances before retirement is a smart way to make the most of your golden years, 62% of Canadians plan to retire with mortgage debt., according to Investor’s Group.

Due to worries over rising interest rates, two-thirds of Canadians are unsure of whether or not they’ll be able to make regular mortgage payments. Experts are worried that even a small rise in rates could be disastrous for those people who are already struggling to meet their financial obligations.

Beyond this, 56% of Canadians do not consider paying off their mortgage as an important factor in deciding when to stop working. The median mortgage balance for retired Canadians is $82,000.

40 comments on “Mortgages weigh down golden years

  1. very blog post, thanks for sharing it. When you have 5 minutes, why don’t you come and have a look at my website on mortgages.


  2. Ok Thanks for your entry, I can’t say I agree completely with it but I agree with it on the most part and I wholeheartedly applaud your effort in putting it so clearly.


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