Retiring debt-free used to be the goal for all Canadians. Pay off the
mortgage, no more car payments, and use credit cards judiciously, if at all. After all, living on a fixed income leaves little or no room
in the budget for making interest payments.
Looks like that's strictly old school, however, according to a recent study.
The study, conducted for the Investor Education Fund, found that 24%
of the homeowners expect to have at least some debt on their home after they retire. What's worse, most of them admit that they don’t really know how
they'll pay it off.
That's not completely surprising, however. More people are working well past the traditional retirement age. At the same time, the age of first-time home buyers has increased
sharply, leaving them with fewer years in which to pay things off.