I read an article recently talking about how many people plan to use their home equity in retirement as well as how many think they will be debt free as they enter that time of their lives.
81% of people felt it was important to be debt free in retirement but only about 50% thought they would be able to retire without owing anyone anything.
Most shockingly, a quarter of people didn’t think that mortgages or car loans count as debt – clearly, Canadians have changed how they think about money.
In today’s expensive housing market and the increased mortgages that have followed that, it isn’t hard to see how this happens.
Acting too impulsively or too slowly could have negative effects on your retirement. A clear-eyed assessment of your options in conjunction with a well thought out retirement plan is the best option for anyone feeling house rich and cash poor.
Chris Worby is a Trusted Regina based financial advisor and Wealth Management services provider servicing local Regina households and businesses. Since 2001, Chris has been committed to providing a high standard of financial service to individuals, families and business owners. Chris listens and provides a personalized financial plan.