Seniors going bankrupt in soaring numbers
Judy Southon never imagined it would come to this. She and her husband Vic had good jobs, raised a son and were homeowners. But after a run of bad luck, the 67-year-old wound up deep in debt and had to declare bankruptcy.
The golden years have become a tarnished chapter for some. Seniors are carrying more debt into retirement and, as a result, a growing number are going bankrupt.
According to the federal Office of the Superintendent of Bankruptcy, 10 per cent of those who declared bankruptcy in 2014 were aged 65 and older. That's a whopping 20.5 per cent increase from 2010.
Spend savings, pile on debt
One of the reasons is actually a plus — we're living longer. "For many of us, we're outliving our savings," explains Nora Spinks with the Vanier Institute of the Family, a non-profit research organization.
Another driving force is that more seniors are retiring in the red. According to Statistics Canada's most recent numbers, in 2012, 42.5 per cent of people aged 65 and over still had debt. That's a stunning increase of 55 per cent since 1999.
READ MORE: https://ca.news.yahoo.com/seniors-going-bankrupt-soaring-numbers-090000222.html
No comments:
Post a Comment