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How to Live Debt Free in Retirement

Tips to Help You Live Debt Free in Retirement Most people hope for a retirement that is relaxing and low stress. However, if you have a lot of debt heading into retirement, it can be the complete opposite. But it doesn’t have to be that way. Here are some tips that will help you live debt free in retirement and enjoy yourself more. Try to Payoff Your Mortgage Before Retirement Heading into retirement with a mortgage can be tough. While you may ha...
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Power of Attorney Signing Authority for Parents Who Are of Sound Mind

I met with a debtor a while back who came in on behalf of his parents. He held a Power of Attorney for them both and also the Executor of their estates. He had recently found out that his mother had incurred a lot of debt in her name and she did not want her husband to find out about it. The son wanted to file a bankruptcy for his mother but did not want her to have to be present to sign any of the documentation, as he was worried that the situat...
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362 Hits

Saving for Retirement Without a Company Pension Plan

The Reality of Retirement Savings Many years ago, most full-time employees had company pension plans that they could count on. People knew that, if they worked at their job long enough, they would be able to retire comfortably around age 65. However, that isn’t the case for many people today. Even among those who do receive company pension plans, most plans these days tend to be group RRSPs or defined contribution plans, rather than defined benef...
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397 Hits

Dealing with Longstanding Debt Gives an Elderly Couple Peace of Mind

I recently helped an elderly couple through the filing of a bankruptcy so they could get back their lives and stay in their home. I met with this couple who have been struggling with paying their debts for many years. So long actually that most of their debts were now with third party collection companies, who have been harassing them with telephone calls starting in the morning and continuing until sometimes 10 o’clock at night. These calls have...
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744 Hits

When the Unexpected Happens

I met with a retired lady in Orillia who had lost her husband a couple of years ago. She was managing alright and up until her husband passed, they had never had any bills that were not paid in full each month. But with the loss of his income it became more difficult. Just when she was moving on from the passing of her husband, she lost her daughter to a rare disease. She was devastated since she had previously lost her only son, at the early age...
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979 Hits

When Your House is No Longer a Home but a Burden

I met with a recently retired couple who were struggling to make ends meet, most debt, including the home and mortgage were in the husband’s name. They had their home listed for sale for over a year and despite dropping the asking price, they still did not have any offers. Their debt seemed to just be getting higher and higher and their home kept costing more and more for them to maintain. After taking a look at their finances, it became clear. T...
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871 Hits

Resolving an Adult Son’s Debts When He Moved Home to Care for an Ailing Parent

I recently met with a debtor that we were able to help out through a consumer proposal. Health issues had struck a retired family member and the adult son was asked to move back home and help out with the living expenses and medical treatments not covered by provincial health care. Because of the high costs involved with the medical treatments the debtor’s own payments to creditors fell behind. He was unable to work out a repayment plan with his ...
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933 Hits

Assigning an Estate into Bankruptcy Enables a Widow to Continue Living in her Matrimonial Home

I had a client who was a 73 year old widow. Her husband had passed away a year before. She was under a great deal of stress as she was trying to pay her deceased husband’s debts on her fixed income. Creditors were calling and harassing her endlessly. The widow was living in her matrimonial home, which had some equity, but the home was in her deceased spouse’s name only. Her situation was further complicated because the spouse had inherited a rent...
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Dealing With Your Parents' Debt Problems

As the debt levels for Canadians continue to rise, we are seeing that seniors are not immune to this trend. More and more seniors are taking on debt . For many seniors, their debt has become unmanageable, to the extend that they need to file a Consumer Proposal or Bankruptcy. You do not inherit your parents' debt I’m often asked by people whether they are responsible for their parents’ debts. The answer is no. You do NOT inherit your parents’ or ...
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Seniors in Canada Facing Debt Problems - Non-Statistical Reasons

In a previous blog post ( Seniors in Canada have the highest insolvency and bankruptcy rates ), I talked about the statistics that showed how the number of Canadian seniors that are filing a Consumer Proposal or Bankruptcy is on the rise . Aside from the statistical and demographical reasons discussed in the previous blog, there are quite a number of other reasons why more Canadian senior citizens are having acute debt problems . New causes of de...
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Seniors in Canada Have the Highest Insolvency and Bankruptcy Rates

Debt problems among Canadian seniors Statistics show that an increasing number of seniors in Canada are facing financial difficulties and an unmanageable amount of debt. In 2010, Canadians over the age of 65 were 17 times more likely to file a Consumer Proposal or Personal Bankruptcy then they were in 1990 (Vanier Institute’s 13th annual “Current State of the Canadian Family Finances: 2011-2012 Report”) In 1987, 2% of Consumer Proposals and Perso...
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1440 Hits