10 Steps to Retire Without Debt
Financial Fitness Topic
Description
Is Freedom 55 still a realistic goal? Perhaps Freedom 65 or 70 is more realistic?
The number of Canadians who are retiring with debt has increased to 33% (Statistics Canada). In 2000, only 8% of retirees still had a mortgage; it is now 64%. There are many reasons for this significant increase in debt amongst retirees, but the consequences remain the same – a fixed income is needed to service living expenses along with debts.
There is another alternative and that is to retire without debt. In the Retiring Without Debt workshop/webinar, you will learn how to:
- Identify the reasons why more Canadians are retiring with debt;
- Describe why retiring with debt is so challenging;
- Identify the sources of income you will have in retirement (e.g. employment, Canada Pension Plan (CPP), Old Age Security (OAS), Guaranteed Income Supplement (GIS), pensions, and/or retirement savings;
- Create a 10-step plan to retire without debt which will include:
- Conducting a thorough analysis of your finances (income, assets, liabilities, debts, and expenses);
- Triaging your finances by halting the use of credit, creating savings, and paying off debts;
- Making changes for your future which could include reducing expenses, increasing income, and/or downsizing;
- Deciding to stop helping adult children who may be impacting your ability to retire;
- Talking to a professional to create a realistic plan; and
- Take action with your plan and celebrate your success!
- Identify signs that you may need more help with your finances
This workshop is conducted by the Credit Counseling Society of BC.
For inquiries about this course, please call 1-888-527-8999 or go to https://nomoredebts.org/
Prerequisites
There are no prerequisites for this session.
Who Should Attend
Anyone who is seeking a better understanding of how to manage their money.