Insolvency can happen at any stage in life. Debt has no standard face or age. This unfortunate reality was recently realized by one of our clients who we’ll call Jack. Jack and Diane worked hard their whole lives. They raised a family together and finally reached the stage of their retirement. Their combined pension provided […]
5 Debt No-Go’s in your senior years Carrying debt into retirement is risky. An early retirement due to illness or job loss can derail your repayment plans. Making debt payments on a fixed income is difficult. Here are 5 types of debt you should never carry into retirement: Credit card debt Car loans Payday loans […]
Today’s podcast is the first ever podcast interview with Jonathan Chevreau and Mike Drak together, talking about their new book Victory Lap Retirement about how to transition from a high stress work environment to a low stress sustainable lifestyle to enjoy a happier, healthier life.
Today roughly 1 in 10 insolvencies in Canada involve debtors over the age of 60. That percentage has risen consistently over the past 6 years. While young Canadians are taking on more mortgage debt and student loans, they have the benefit of time and potential income growth to deal with their heavier debt loads. Not so […]
It is a tale I am hearing far too often: “I was helping family financially and now I can’t afford my own bills”. Between the high cost of housing, student loans and the lack of quality full time jobs, Canadians in their 20’s and 30’s are stretched to the limit and their parents, and sometimes […]
Have you put off saving for retirement? Find out how you can get back on track with today's podcast. My guest, David Trahair discusses his new book, The Procrastinator's Guide to Retirement: How You Can Retire in 10 Years or Less, and shares tips on how to prepare for your retirement.
We have all heard of Elder Abuse, but few advisors have ever had to deal with it directly. In the last week at Hoyes Michalos, we have seen two blatant examples of elder abuse in our own practice and so I thought people could benefit from our experience. First, so that we’re clear, elder abuse is a […]
Susan Eng, Vice President of Advocacy at CARP talks about senior debt and the need for government reform to create financial opportunities for seniors.
With an unsecured debt of $69,031, seniors aged 60 and over carried the highest overall debt of any age group; 22% more than the average Joe Debtor. Almost half of this debt was credit card debt, but what concerns me even more is the propensity of seniors to increasingly turn to payday loans as a […]
Norma (not her real name) was struggling to get by on her pension. As often happens, she ended up using credit to help makes ends meet. Eventually she was ashamed to find that she had accumulated $12,000 in debts she could not repay. A neighbour in her townhouse complex gave her our number and told her to contact our […]