The dream of a retirement without debt won’t be a reality for many Canadian seniors.
According to a new report from Sun Life Canada, 1 in 4 Baby Boomers still have a mortgage or other debts, and many are worried about their finances.
Twenty percent are still making mortgage payments, 66% have credit card debt, 26% have auto finance, and 7% have either unpaid health expenses or owe money for a holiday or vacation property.
"Through our national survey, we took a moment to check-in with Canadians and gauge how they are stacking up when it comes to their finances," said Jacques Goulet, President, Sun Life Financial Canada.
It’s unlikely to improve with those approaching retirement, as the survey also shows that almost a quarter of working Canadians have dipped into their retirement funds.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: