I came across an interesting article by Andrew Allentuck in today’s National Post that is worthy of sharing. We all need to be aware of how our golden years of retirement can be very stressful when debt is a part of the plan.
For James Kennedy, a federal civil servant before he retired, and his wife, Jane, who retired from the Calgary civil service, the golden years have become a series of tough compromises. Both 59, they live in Qualicum Beach, B.C., a five-minute walk from the Strait of Georgia on Vancouver Island. They enjoy the mild weather, long walks on the beach and their beautiful home.
Trouble is, a lack of employment income combined with debt stalk the good times they thought they would have after they left their careers.
To read the full article click here.
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Thanks Tessa-Marie, I agree! So many seniors are going into retirement with debt and then it is almost impossible to increase income to deal with it and on it goes. I hope people will take heart to this type of advise and kuddos to you for trying to help your friends see the importance of managing their money!
Great article and so needed. I have been trying to tell my friends that the worse thing to happen is to go into retirement with revolving debts and mortgages. My mother told me when I was in my twenties that the worse thing to happen to anyone is to be OLD AND POOR I took that advice and ran with it. I know of so many of my friends who are in the same position as this couple. Some I have advised to make the changes and they are working on getting out of debt before retirement. I wrote a blog about that in response to my friend asking what she should do with only four years to retirement. the blog site is http://controllingthedebtmonster.wordpress.com
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