Retirement

Planning for and enjoying your retirement

Are you putting your home ahead of your retirement? (Infographic)

By BrighterLife.ca

Comments (2)

It’s a common question: Should you pay down your mortgage or save for retirement? Check out what most Canadian homeowners are choosing to do.

Most Canadian homeowners are making paying off their mortgages a higher priority than saving for their retirement, according to the latest numbers from Sun Life Financial’s Canadian Unretirement IndexTM. That could be a smart move, if most were planning on using their home equity to help fund their retirement. But the same survey shows that’s not the case.

Infographic - Most Canadian homeowners don't expect to sell home to fund retirement

Retirement savings Get more bright ideas on saving for retirement.

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James Davidson on

Do not depend on your house as an investment as retirement vehicle remember if you are in your 50’s unless you are continually upgrading to keep up with “the fashion” by the time you are ready to retire it will be regarded as a fixer upper , you will be unable to do this work yourself and in the hands of the” Philistines” which will not come cheap..

Peter on

This press release is either pro-bank & pro conservative government, or too simplistic. First: To make financial decisions, you need to use financial tools. For example: mortgage vs retirement – the real question is why pay 4% or 5% to a bank (delayed house loan), to earn 2% or 3% in retirement savings. Pretty clear what pays you more – pay off the mortgage. Now lets analyze the risks: 1) mortgage rates may go up 50% to 6% or 8% in a few years because debt cost is at all time low, which will delay your independence from the bank, and 2) consider the risk of being laid off with a larger mortgage outstanding and hence the possibility of loosing your shelter because of this bank loan. Also, once the house is secure, = no bank foreclosure, the the house maybe a source of income in retirement as a B&B, or with a suite rental. The risk analysis says pay off the mortgage faster, not slower. Secondly, the reason Canadians have to save more is because the war mongering, corporate welfare and handout, conservatives, that have cut CPP 35%, cut good paying jobs with benefits, cut pro-public services, & increased government user fees, all of which has left Canadians to fend for themselves because they have been abandoned by this asocial conservative government.

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