Today, the reality is that many people are finding difficulty planning retirement. It was easier to retire by your early sixties a few decades ago; the housing market was stable, costs of living were lower, and retirees were able to cash out their long-term pensions. In fact, recent data shows that one in eight people over 65 still works. A decade ago, this ratio was less than one in 13. While you may be well on your way towards retirement, there are unfortunately many instances that prevent us to retire when we anticipated.
Are you finding difficulty in planning your retirement?
Although we contribute to RRSPs and federal (and sometimes employer) pension plans, this simply isn’t enough. Many people are having to supplement their pensions with their own savings, which may be inadequate. Earlier this year, CBC reported that about 28 percent of single senior over 65 live in poverty. It was also reported that the number of overall seniors who slip into poverty will worsen in the decades ahead.
Today, empty nesters are few and far between. Between the burden of student loans, the expensive housing market and the lack of well-paying jobs, more millennials are either moving back home or simply can’t afford to move out in the first place. In fact, one in four Baby Boomers are financially supporting their children or adult grandchildren, preventing them from saving for retirement.
Many people are retiring with debt. Whether it be a mortgage or consumer debt, being in the red is a common reality. When unforeseeable situations arise, it can add a ton of financial pressure. These unexpected circumstances can include health challenges, home repairs, and family crises. And they can set you back even further if you are facing difficulties retiring.
If you’re faced with any of these obstacles, you’ll be happy to know that it’s never too late to start a new career to supplement your retirement fund. Although it may be hard to find employment after 50, plenty of seniors are working from home as Medical Transcription/Healthcare Documentation Specialists. In fact, our oldest graduate is 77 years old! Today, she earns around $80,000 annually and is a testament to the fact that age is truly just a number.
Are you planning to retire soon? Are you retired but having to re-enter the workforce? Learn how CanScribe can help you on your road to retirement.