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Make debt-freedom a part of your vision for retirement

What do you think of when you think about a “successful retirement”? Travel? The Spa? Golfing? Time spend with friends and family? For most Canadians, part of that vision involves being debt-free. Manulife Bank conducted a survey recently and found that nearly nine in 10 homeowners list being debt-free as very important to their vision for a successful retirement. This was right behind “good health” and about the same as “having sufficient retirement income”.

The same survey also shows that many are still struggling to get out of debt. Just over half of those surveyed had less debt than a year ago. For homeowners in their 50’s, only 15% have successfully paid off all of their debt. Having debt can be an increasing source of stress as you approach retirement, as the survey finds half of homeowners considered the idea of retiring with debt to be extremely stressful.

Canadian Debt Survey

Getting out of debt can be a huge challenge. It may be hard but it is not impossible and remember you’re not alone. Try to retire debt-free, develop a plan and try to stick with it, hopefully you will be debt-free well before you’re ready to retire.

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