
Many Canadians retiring with debts: survey CBC \|\| December 08, 2005 Almost half of Canadians don't think they need to be free of debt before they retire, according to a survey done for the Royal Bank. The bank's 15th annual RRSP survey, carried out by Ipsos-Reid, found that 48 per cent of those surveyed did not think a debt-free retirement was a must. The survey also found that a third of the retired people it contacted had debt, with the average debt load at $35,000. One in seven had debts of more than $100,000. "We seem to be observing an emerging mind-set where many Canadians do not see the need to retire their debt before they themselves retire from work," said RBC Asset Management vice-president Dave Richardson in a release. "While entering retirement debt-free continues to be the most prudent approach, these findings suggest that some Canadians, especially baby boomers, generally have different lifestyle expectations for retirement and are making different choices than previous generations," Richardson said. Article Posted at www.KnowledgeDrivenRevolution.com For one thing, retirees are often not completely retired. The survey found that 20 per cent of retirees supplement their retirement income by working part time. Not surprisingly, retirees with debts are more than twice as likely to work as those without debts (35 per cent versus 13 per cent). Among those who retire with debts, the most common liabilities were mortgages and credit cards. The survey found that almost half of those with post-retirement debt took it on after they'd retired. That evidently came as a surprise. Most of them hadn't expected to incur debt after they'd left their daily employment. The survey also suggested that the average Canadian was retiring at age 58. Ipsos-Reid phoned 1,250 people between Nov. 11 and 21. The results are considered accurate to within 2.8 percentage points, 19 times out of 20. About KDR \| \| Home \| \| Weekly Features Archive	Weekly Weekly Features Archive
In Depth The Number 1 Reason YOU became a Slave Coming Soon: 9-11 Liberals, Conservatives and NDP
Archive October November December 2005 27 28 29 30 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Weekly Features

Many Canadians retiring with debts: survey

CBC || December 08, 2005

Almost half of Canadians don't think they need to be free of debt before they retire, according to a survey done for the Royal Bank.

The bank's 15th annual RRSP survey, carried out by Ipsos-Reid, found that 48 per cent of those surveyed did not think a debt-free retirement was a must.

The survey also found that a third of the retired people it contacted had debt, with the average debt load at $35,000. One in seven had debts of more than $100,000.

"We seem to be observing an emerging mind-set where many Canadians do not see the need to retire their debt before they themselves retire from work," said RBC Asset Management vice-president Dave Richardson in a release.

"While entering retirement debt-free continues to be the most prudent approach, these findings suggest that some Canadians, especially baby boomers, generally have different lifestyle expectations for retirement and are making different choices than previous generations," Richardson said.

Article Posted at www.KnowledgeDrivenRevolution.com

For one thing, retirees are often not completely retired. The survey found that 20 per cent of retirees supplement their retirement income by working part time. Not surprisingly, retirees with debts are more than twice as likely to work as those without debts (35 per cent versus 13 per cent).

Among those who retire with debts, the most common liabilities were mortgages and credit cards. The survey found that almost half of those with post-retirement debt took it on after they'd retired. That evidently came as a surprise. Most of them hadn't expected to incur debt after they'd left their daily employment.

The survey also suggested that the average Canadian was retiring at age 58.

Ipsos-Reid phoned 1,250 people between Nov. 11 and 21. The results are considered accurate to within 2.8 percentage points, 19 times out of 20.

About KDR | | Home | | Weekly Features Archive

Weekly

Chicken Little Terrorist: Al Qaida No. 3

Weekly Features Archive

In Depth

The Number 1 Reason YOU became a Slave

Coming Soon:

9-11

Liberals, Conservatives and NDP