Canadians retiring in need of debt relief.
Four-in-ten Canadians retiring with debt, says RBC Poll
TORONTO — A survey by the Royal Bank suggests four-in-10 Canadians over the age of 50, who have assets of at least $100,000, have retired with some form of debt
And, one-quarter entered retirement with a mortgage on their primary residence.
The survey also notes that 70 per cent of retirees feel it is still important to be able to save part of their income, yet more than one-quarter have acquired new credit products since they retired.
Inflation and taxes are a major concern of retirees, with more than one-third of those surveyed saying they are worried that inflation will negatively impact their retirement income.
The figure rises to 43 per cent among pre-retirees surveyed.
Six-in-ten retirees say they worry about taxes on their income, with two-thirds believe the percentage of their income required for taxes will rise in the next 10 years.
“It’s not uncommon to be concerned about maintaining a sustainable level of income in retirement, but costs you never counted on may also arise,” said Lee Anne Davies, the RBC head of retirement strategies.
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