New figures show that seniors are carrying increasingly levels of debt into retirement and bankruptcies among the demographic are soaring. Of all bankruptcies in 2014, 10 per cent were 65 or older according to the Office of the Superintendent of Bankruptcy, up more than 20 per cent from 2010. Part of the reason is that we are living longer but the Huffington Post says that levels of debt increased between 1999 and 2012 by 55 per cent according to StatsCan data. A greater proportion of Canadians are now taking mortgages and other loans with them into retirement. Many seniors are then realising that their previous ability to find ways to pay down debt are not as easy in later life and issues begin. Nora Spinks with the Vanier Institute of the Family told the HuffPo that developing a long-term plan was the best strategy to avoid financial issues in later life.
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