Senior poverty is on the rise in Canada, according to the latest report from the OECD. One of the biggest factors affecting seniors’ living standards: grey divorce. As splitting later in life becomes more common, some are finding their retirement savings to be negatively affected.
Mortgages and retirement used to signal two separate life stages. These days though, retirees find themselves still paying down their homes.
We all want the best life has to offer – a nice home, cared-for family and a secure financial plan for the future. Despite the best of intentions though, life has a habit of introducing the unforeseen – could your standard of living withstand a financial curveball?
“Grey divorce” rates have increased among Canadians aged over 55. Splitting later in life presents unique financial challenges as boomers look to start over while keeping their retirement plans on solid ground.