Seniors face crisis as they live longer, but stay indebted

Posted by Ravi Gulati | Posted in Financial Planning | Posted on 10-04-2014

Canadian Institute of Actuaries (CIA) which came to the startling conclusion that we can all expect to live almost three years longer than had previously been believed.

The second shoe dropped last week with the release of a report on the nation’s credit status by Equifax Canada, a leading credit rating agency. It found that the debt levels for people over 65 had jumped 6.5 per cent year-over-year, the largest increase for any age group.

So here’s the picture. We’re living longer and increasingly we’re going into debt to pay for it, just at a time when interest rates are starting to rise. That can only spell trouble down the road.

Seniors face crisis as they live longer, but stay indebted | Toronto Star.