A run down of what's going on in the market and the company.

Monday, April 26, 2010

More Canadians retiring with debt, bank survey shows

James Munroe 2010/04/26

A new survey on our golden years suggests not all of us are going to be riding off into the sunset.

Instead, more of us are retiring with debt.

Royal Bank has determined that four in ten Canadians are retiring these days with some form of debt and one in four entered retirment with a mortgage on their primary residence.

Inflation and taxes are among the top concerns for retirees with more than one third worried that the cost of living will negatively impact their retirement income.

A whopping six in ten sweat the taxman.

Lee Ann Davies is RBC's head of retirement strategies and said costs you never accounted for may arise. For instance, the poll found that almost one in five retirees spend more than $1,000 a year on prescripion medication.

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