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May 312012

Debt and the baby boomer generation 

Category : Baby Boomers & Debt, Debt in retirement, Debt Help

Over the past decade an increasing number of baby boomers in Canada are finding themselves experiencing money problems at a time in their lives when financial stability is most important.  In our offices we are meeting with more and more Canadians over the age of 55 looking for debt solutions so they can enjoy a secure and stable retirement.

At any age, recovering from debt problems is stressful and emotional, but for older generations this stress can be even greater. While 'Generation X’ and 'Generation Y' have time on their side to increase income and savings, rebuild credit and reach personal and financial goals, the baby boomer generation may experience more difficulty. Retirees have the added challenge of getting back on track while on a fixed income.  It seems there are a variety of reasons why a growing number of retirement-age Canadians are seeking debt solutions.  Credit cards; forced retirement, job loss, outstanding mortgages, business failure, children staying home longer, health problems and the economic downturn in 2008 are just some of the reasons why BDO is helping more baby boomers erase unmanageable debt with credit counselling advice, debt settlements through consumer proposals, or bankruptcy filing. 

It is important at any age, individually or as a family, to develop good habits related to spending and money management. Starting personal or family financial planning at a younger age can also help reduce the chance of debt problems as well as protect assets during retirement years. It’s also important to recognize the signs of a potential problem and to get professional advice early. A greater number of options are available when problems are identified sooner.

Whatever generation you belong to – BDO can provide the debt solutions to help negotiate with the people you owe money too, protect your assets and create a manageable re-payment plan so you can reach your future goals. Contact a BDO office near you and arrange a no-obligation appointment to learn about your options.

 

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