Advertisement
Almost half of Canadian Baby Boomers will be making mortgage payments after they retire.
Whatever retirement plans Canada’s boomers have made, paying down debt doesn’t seem to be at the top of the list.
A CIBC/Harris-Decima poll reveals that 46 per cent of boomers are still working to pay off their mortgage, while 75 per cent still hold some form of debt. This, despite an earlier poll in which boomers identified planning for their retirement as their top financial priority for the year.
Surprisingly, the lack of debt reduction has not resulted in increased savings. According to a recent CIBC poll, almost 30 per cent of boomers felt they were doing a poor job of building their savings so far in 2011. This is likely due to the fact that among boomers with debt, only 21 per cent have spoken with an adviser sometime in the last year about strategies to reduce their debt faster.
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
The former U.S. president’s second election victory sparks concerns over a ripple effect on the Canadian economy.
Trump win ignites crypto frenzy that sends bitcoin to a record high.
Inflation is down, wages are up. But the economic recovery has been uneven, with “two contradictory trends” shaping Canadians’...
Parents, here are the CCB payment dates for 2024, along with how much you can expect to receive each...
Here’s how Canada’s Old Age Security pension program works, who’s eligible for OAS, when you can start receiving OAS,...
Here’s how Canada’s retirement pension plan works, who’s eligible for CPP, when you can start receiving CPP, and CPP...
Canadians have reporting requirements for foreign assets, income and tax paid. Here’s how to claim each of these on...
Whether you want the highest interest rate or no service fees, these savings accounts will meet your needs.
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
Which ETFs should you invest in? Which ones best suit your risk tolerance? What about personal ethics? Check out...