1 in 4 retirees are living with debt

The dream of a retirement without debt won’t be a reality for many Canadian seniors.

According to a new report from Sun Life Canada, 1 in 4 Baby Boomers still have a mortgage or other debts, and many are worried about their finances.

Twenty percent are still making mortgage payments, 66% have credit card debt, 26% have auto finance, and 7% have either unpaid health expenses or owe money for a holiday or vacation property.

"Through our national survey, we took a moment to check-in with Canadians and gauge how they are stacking up when it comes to their finances," said Jacques Goulet, President, Sun Life Financial Canada.

It’s unlikely to improve with those approaching retirement, as the survey also shows that almost a quarter of working Canadians have dipped into their retirement funds.

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