DEBT-FREE RETIREMENT: IT'S ONLY A DREAM FOR MANY

Dec 01, 2014

By Michael Kramer

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Many Canadians dream of retiring debt-free: and for many of us that’s how it’ll remain.

Manulife’s new research suggests that almost 20 percent of homeowners expect to access the value of their homes – to finance life after work.

The survey found about half of the respondents expected to still be in debt – when they retire.

In the online poll, ten percent planned to borrow against their current homes – while about eight per cent were thinking of downsizing and using proceeds from the sale of their home as income.

Manulife says maintaining debt during retirement is risky – because interest rates can go up – while income remains stationary.

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