According to a report by TD Economics, “older Canadians are growing their debt loads faster than any other age group and retiring more indebted than ever.” (Oct. 12, London Free Press)
If I read the bar graph provided with the article correctly, and I’m very sure I did, in the last 10 years people aged 65 and older have increased their debt load by 160 per cent while their assets have grown by only 80 per cent.
If that troubling trend continues, “it could threaten their standard of living and exacerbate volatility in asset markets, pension fund deficits and declining employment pension coverage.”
["Many would be better off in a small house": photo GHarrison]
Many my age and older will one day face the ‘big house’ challenge, i.e., will be stuck inside a house that’s far too big to handle in a variety of ways, i.e., financially and physically just for starters.
The trend for the last 60 years has been toward bigger houses (“since the 1950s, a typical four-person family home has increased from 1,000 square feet to 2,500 square feet on average,” Oct.1, London Free Press), and many of today’s seniors were a part of the growing culture of big.
I feel many seniors are now trapped inside a big house, unable to make the necessary changes to a right-sized life-style.
Moving, duplexing to earn income, caring for the present house, etc., are now beyond the ability of many of them or much tougher due to the current recession.
Do you know someone who may feel like a prisoner in their own home? What can be done?
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Please click here to read 100 Challenges Ahead: 2 “I won’t change”
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