[chemgear]

Originally Posted by Calgary14

It is depressing but what most people don't realize is how far expenses decrease upon retirement. Lower taxes, income splitting, no daily coffee, no transit costs, parking, meals out, work clothes etc. it's a lot bigger than people think. Oh and the big one for most people is no mortgage and no monthly retirement savings payments. So yes it's necessary to save but it's achievable for most people and may not be as far off as you think

Most? Not sure that is the case though.

http://ca.finance.yahoo.com/blogs/pa...145752087.html

According to a new CIBC poll, 59 per cent of retired Canadians say they’re carrying debt. And 19 per cent of those say that their debt level has increased over the past year, while 36 per cent report their debt level has stayed the same.

Among those retired Canadians with debt, the Harris/Decima poll found:

• 37 per cent are juggling two or more debt payments a month
• 39 per cent are carrying credit-card debt
• 30 per cent have debt on their line of credit
• 16 per cent are carrying debt on their mortgage, and
• 14 per cent have loan debt

http://business.financialpost.com/20...bt-retirement/

A survey released Tuesday from Manulife Bank found that 49% are confident they’ll still have some debt in retirement, including mortgages, compared with 51% who say they anticipate being debt-free at that stage.