Personal debt has always been a major topic in national conversations concerning financial security. This is more disturbing for retirees who have to survive on a fixed income and have less options to amend their financial state. In fact, according to Statistics Canada (via ThePersonal.com), nearly one-thirds of retired individuals as young as 55 owe several thousand dollars, the median being $19,000. A survey done for Manulife also suggested that many still struggle with financial literacy; a quarter of respondents do not even think mortgages and auto loans are part of their total debt.
http://www.4pillarsvi.ca/debt-counselling-expert-to-canadians-three-ways-to-retire-debt-free/
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