Seniors and Debt (MNP 3 Minute Debt Break Podcast)

As you look ahead to the future and retirement, you probably have many goals and dreams you’re looking forward to. But for many seniors, just when they should be relaxing and enjoying the fruits of their labour, many find themselves struggling financially.

But there are many ways you can prepare now to help avoid financial issues later in life.

One way… ensure you are reducing debt before retirement. It’s almost never advisable to enter retirement with outstanding debt. If eliminating all debt before retirement is not possible, at the very least make an effort to understand what impact an income reduction will have on your ability to make payments and save for emergencies.

Another tip, for any stage of life, is to create and stick to a budget.  In retirement, no matter how little or how much income you expect to receive, budgeting is one of the best ways to stay on track financially.

Plan to pay down any outstanding debts as quickly as possible. Continue saving for irregular and unexpected expenses. Make room for any healthcare related costs that may begin to arise. And be sure to set something aside for the retirement activities or purchases you’ve been looking forward to.

And as you get closer to retirement age, don’t lend money unless you can afford it. Be honest with yourself, your partner and anyone asking for financial help about whether you can afford to provide support. If you cannot, remember there is no value in needlessly making two households struggle financially.

If you’re already in retirement and are a senior who is struggling with debt — whether it’s debt you retired with or accumulated after the fact — you don’t have to face it alone. And it’s never too late to get the financial fresh start you need and deserve.

Schedule a Free Confidential Consultation with MNP Debt, where a Licensed Insolvency Trustee will discuss what options are available for you. During this no obligation initial meeting, you and MNP will review your entire financial situation, discuss your challenges and review your financial goals. MNP Debt will identify some solutions to get you the resolution you need and deserve.

This could include a Life-Changing Debt Solution such as Bankruptcy or a Consumer Proposal, which could allow you to be debt free within as little as nine months. It could also include other counselling and financial services to help you better manage your finances and life and ensure your golden years can be your best years yet.

You’ve waited long enough for financial freedom. Reach out and make it happen today.  

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