Posted 12/3/2023, 4:01:04 PM
Many Nearing Retirement Age Unprepared Financially for Their Golden Years
- Only 14% of near retirees (aged 55-64) in Canada have enough assets and home equity for a comfortable retirement
- Younger generations face more financial pressures, including higher education costs, lower real wages, and extremely expensive housing
- High debt levels and low interest rates have left many baby boomers unprepared for retirement as well
- The retirement age of 65 was set when life expectancy was only a couple years beyond that; now retirees often live into their 80s
- Downsizing into rental housing in retirement is difficult for seniors as most units are not suitably designed for older residents