There were some enlightening facts about debt in a study released this week that included the headline-making finding that half of?Canadians over 50 believe they will exhaust their retirement savings within 10 years of leaving the workforce.
The study, conducted for the Investor Education Fund, found that?24% of the homeowners surveyed expect to have debt on their principal residence after they retire.?Of those who expect to owe money on their homes when they retire, more than one-quarter?said they don?t know how they will pay it off.
?Retiring with debt puts extra strain on your income,??said Tom Hamza, president of the IEF. ?If you go into retirement with inadequate savings in the first place, you may be on shaky ground.?
It is fairly well established that Canadians aren?t putting aside enough money for retirement, but the details in the study conducted by The Brondesbury Group in January of 2013 are ?unsettling,? Mr. Hamza said.
The IEF is funded by regulators with a mandate to help educate investors. Its website features tools such as a cash flow calculator that estimates how long an investment ?nest egg? will last in retirement.
Source: http://business.financialpost.com/2013/02/26/canadians-heading-into-retirement-owing-money-on-homes/
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