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Few Working Canadians Over 50 Can Afford to Retire

There is a sobering story below on the fact that a recent report states that only 35% of working Canadians aged 50 and older can afford to retire. Click here for a direct link.

As much as many 50 plus year old Canadian workers may want to stay in their homes as long as possible, this may not fit a financial plan that allows for a comfortable retirement.

I have suggested several times on this blog that older workers closer to retirement age should seriously consider the benefits of downsizing. In countless cases, people like empty nesters are staying in their detached houses long after their kids have grown and left the house. Older couples often lives in houses that have an extraordinary extra number of rooms or square footage.

Financial flexibility and a more comfortable retirement (with greater liquidity) could be had, if there was more openness to downsizing one's home.

Those homeowners over 50 years of age and who lack confidence in their future retirement should at the very least, explore the financial benefits of selling and downsizing their house.

Adequate income and cash flow is vital to a retirement that provides someone diginity and independence, free of undue stress and hardship.  Having almost all of one's wealth in a house can leave one cash flow poor.

I would be happy to discuss housing options that you can downsize into within the Fraser Valley or Metro Vancouver.

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