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Senior Debt Crisis Inspires Alternate Housing

With more than 42% of Canadian seniors facing a debt crisis, downsizing is a realistic and cost-effective solution. The need is getting greater every day for alternative housing.

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Senior Debt Crisis Inspires Alternate Housing

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  1. SENIORSDEBTCRISISINSPIRES ALTERNATIVEHOUSING SOLUTIONS

  2. Withmorethan42% ofCanadianseniorsfacinga debtcrisis, downsizingisarealisticandcost- effectivesolution.

  3. Movingintoasmallerhouse, apartment, orcondocanbeeasierto manageandmaintain, andanyprofits fromthehousesalecangointo retirementsavings.

  4. Butwhathappenstoseniorswhodon’thavesecure housingorahometosell?

  5. “Theneedisgettinggreatereverydayfor alternativehousing” ~ GwenKavanagh, BarrieCARPChair

  6. "InBarrie, rentisexpensive, andthereisn’t muchinthewayofaffordablehousing, and affordablehousinghasfour-to-sixyear waitinglists”.

  7. Toaddressthissituation, BarrieCARP membersteamedupwithSolterraCo- HousingLtd. andcreatedanalternativetype ofhousing.

  8. Thisalternatehousinginvolves4 – 6people livingastenantsintheirownunits, sharing thecommonroomanda “housemom”.

  9. Withseniorbankruptcyontherise, and6% of Canadianseniorslivinginpoverty, thesavings associatedwithalternativelivingarrangementscan makeabigdifferenceeverymonth.

  10. TheFCACSeniorFinancialLiteracy Consultationstates “5millionCanadianshave noworkplacepension” andCanadiansowe $164forevery $100theyearn.

  11. WithCanada’s65andolderpopulation growingrapidlyandretirementsavings effortsfallingbehindthecarleaseandcredit cardbills, boomersmaybeoncoursefor theirownfinancialcrisis.

  12. AllCanadiansshouldhaveasecure, comfortablelifeintheirolderyears, whichis whystrengtheningseniors’ financialliteracyis socrucial.

  13. Financialeducationcanhelpalleviatesome ofthefinancialstressanduncertaintythat comesalongwithretirementplanning.

  14. Preparefor retirementby buildingpersonal savingsandassets.

  15. Makeresponsible decisionsabout whenandhowto retire.

  16. Choosefinancialproductsthatmakesense forretirementneeds.

  17. Planforandcopewithmajorfinancial decisionsrelatedtolifetransitions.

  18. Navigateandgetthemostoutofpublic programsandservices.

  19. Recognizeand protectyourself againstfinancial abuse.

  20. ifyoufailtoplanthenplantofail

  21. Brushuponyourfinancialliteracy skillsandkeepontopofyourfinances soyoucantrytoavoiddealingwith debtinretirement.

  22. Theearlieryouplanthebetteroffyou’llbe.

  23. CanadianRetirementIncomeCalculatorcan helpyoutoworkouthowmuchyouwill needtosaveandwhichgovernmentpension andbenefitsareavailabletoyou.

  24. Formoreseniordebtandretirementplanning information, visitretirement, seniors, anddebt. Contact BDO Barrie, Debt Consultants & Bankruptcy Trustees at:  Email: barrie@bdodebthelp.ca Phone: (249) 888­9147 Toll Free: 1­855­510­3328 

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