Ideally, after decades of putting in hours at work every day, you have put aside enough to maintain your lifestyle and enjoy your sunset years. This ideal is not so common today though. An increasing number of retirement-age citizens are finding themselves in a situation where they are working after retirement.
Still in debt
The main reason for this is debt. Things have changed significantly over the years in terms of the economy. It has become harder to find well-paying jobs because there are so many fighting for the same opportunities. The cost of living has also gone up, making life more expensive with the effect that people are spending less because of their reduced purchasing power. Education has also been affected, with fresh graduates starting their first job saddled with a heavy student loan debt. People are also incurring more debt and taking longer to pay if off.
Senior citizens are finding themselves spending their pension to pay off their debt mostly in form of mortgages. Some are having to take out a second mortgage or downgrade their lifestyle by selling their house to buy a smaller one. Some are also selling or re-mortgaging to raise the capital cash to start a business.
Are there options?
If you are in a situation where working after retirement or selling your assets seems like your only option, being objective can be difficult. The advice of professional credit counsellors can be invaluable. They can see options and solutions that you can’t.
Facing a mountain of debt?
Have you managed to stay-debt free so far, but fear that you will be unable to keep up with repayments after retirement? A financial counselling session could provide the solutions that you need. You will be guided through working with what you have and developing a realistic budget to meet your obligations. This way, you don’t have to worry about spending most of your retirement fund paying off debts and being left with very little to live on. Even if you’ll have to keep working after retirement, you can do so without debt headaches.
Perhaps you have been struggling with debt for a while and it seems that declaring bankruptcy is inevitable. A debt repayment solution can be worked out on your behalf so that you can avoid bankruptcy.
Get professional help
When facing a difficult situation, a fresh, objective and independent look is what you need. This is exactly what Credit Counselling Services of Atlantic Canada Inc offers. You will be listened to by trained, certified professionals and all your dealings with our company will be kept confidential. You will be helped to avoid debt or manage it and to budget wisely so that you make the most of your retirement, including working if you need to or want to. Get in touch with us today and start your retirement years on the path to financial freedom.