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Retirement Canadians Carrying Debt

Almost 60 per cent (59 per cent) of retired Canadians say they are carrying debt, says a CIBC poll. Among this group, 19 per cent say the amount of debt they are carrying has increased in the past 12 months. It also shows 59 per cent of retired Canadians said they currently have debt, compared to the national average of 71 per cent across all age groups. While 19 per cent say their level of debt has increased in the past 12 months, another 36 per cent say their debt levels have stayed the same -indicating more than half (55 per cent) of all retired Canadians with debt missed an opportunity to pay it down over the past 12 months. While fewer retired Canadians are carrying debt compared to the national average across all age groups, paying down debt becomes more difficult after retirement when many Canadians transition to a fixed income.

Courtesy of Benefits and Pensions Monitor website News Alerts

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