senior debt crisis inspires alternative housing solutions
TRANSCRIPT
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SENIORS DEBT CRISIS INSPIRESALTERNATIVE HOUSING
SOLUTIONS
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With more than 42% of Canadian seniors facing a
debt crisis, downsizing is a realistic and cost-
effective solution.
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Moving into a smaller house,
apartment, or condo can be easier tomanage and maintain, and any profits
from the house sale can go intoretirement savings.
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But what happens to seniors who don’t have secure
housing or a home to sell?
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“The need is getting greater every day for
alternative housing”
~ Gwen Kavanagh, Barrie CARP Chair
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"In Barrie, rent is expensive, and there isn’t
much in the way of affordable housing, and
affordable housing has four-to-six year
waiting lists”.
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To address this situation, Barrie CARP
members teamed up with Solterra Co-
Housing Ltd. and created an alternative type
of housing.
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This alternate housing involves 4 – 6 people
living as tenants in their own units, sharing
the common room and a “house mom”.
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With senior bankruptcy on the rise, and 6% of
Canadian seniors living in poverty, the savings
associated with alternative living arrangements can
make a big difference every month.
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The FCAC Senior Financial Literacy
Consultation states “5 million Canadians have
no workplace pension” and Canadians owe
$164 for every $100 they earn.
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With Canada’s 65 and older population
growing rapidly and retirement savings
efforts falling behind the car lease and credit
card bills, boomers may be on course for
their own financial crisis.
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All Canadians should have a secure,
comfortable life in their older years, which is
why strengthening seniors’ financial literacy is
so crucial.
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Financial education can help alleviate some
of the financial stress and uncertainty that
comes along with retirement planning.
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Prepare for
retirement by
building personal
savings and assets.
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Make responsible
decisions about
when and how to
retire.
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Choose financial products that make sense
for retirement needs.
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Plan for and cope with major financial
decisions related to life transitions.
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Navigate and get the most out of public
programs and services.
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Recognize and
protect yourself
against financial
abuse.
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if you fail to plan then plan to fail
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Brush up on your financial literacyskills and keep on top of your financesso you can try to avoid dealing with
debt in retirement.
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The earlier you plan the better off you’ll be.
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Canadian Retirement Income Calculator can
help you to work out how much you will
need to save and which government pension
and benefits are available to you.
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For more senior debt and retirement planning
information, visit retirement, seniors, and debt.
Contact BDO Barrie, Debt Consultants & BankruptcyTrustees at:
Email: [email protected]
Phone: (249) 8889147Toll Free: 18555103328