"The traditional golden years that retirees anticipated have not become a reality as debt loads rise for those over 65,” says Henrietta Ross, CEO of the Canadian Association of Credit Counselling Services. “With reduced incomes, often coupled with increased expenses, these individuals are accumulating more debt to boost income through credit so that they can continue to enjoy a pre-retirement lifestyle that they may no longer be able to afford.”
But before you go lecturing a senior citizen about their spending habits, consider the responses to the BMO survey, where 71 per cent of Boomers said they plan to work part time in retirement to earn extra income. Also, 44 per cent will sell off their valuable goods, such as antiques or possessions they don’t use. About one-third plan to sell their home to help make ends meet.
