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Senior Debt Crisis Inspires Alternative Housing Solutions

Without knowing financial basics like budgeting and reading a balance sheet, the entrepreneur may have difficulty growing their business or even keeping it afloat.

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Senior Debt Crisis Inspires Alternative Housing Solutions

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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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