[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/rkillen.ca\/a-new-problem-for-the-old\/#BlogPosting","mainEntityOfPage":"https:\/\/rkillen.ca\/a-new-problem-for-the-old\/","headline":"A New Problem for the Old","name":"A New Problem for the Old","description":"While aging baby boomers aspire to a placid retirement, this dream is being threatened by a growing problem: senior debt. An\u00a0August 2013 article\u00a0in\u00a0Financial Post\u00a0says, for example, \u201cA report provided [by] ratings agency Equifax Canada shows average debt for consumers aged 65 and over climbed 6.5 per cent over the past year, the biggest year-over-year increase […]","datePublished":"2014-06-14","dateModified":"2023-04-04","author":{"@type":"Person","@id":"https:\/\/rkillen.ca\/author\/admin\/#Person","name":"admin","url":"https:\/\/rkillen.ca\/author\/admin\/","identifier":2,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/9802e0bea345b33afa85a53646482da09b2d7944429d88b59778b5d3e1c3dd14?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/9802e0bea345b33afa85a53646482da09b2d7944429d88b59778b5d3e1c3dd14?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Richard Killen and Associates","logo":{"@type":"ImageObject","@id":"https:\/\/rkillen.ca\/wp-content\/uploads\/2016\/08\/landscape-logo-12345-for-web.png","url":"https:\/\/rkillen.ca\/wp-content\/uploads\/2016\/08\/landscape-logo-12345-for-web.png","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/rkillen.ca\/wp-content\/uploads\/2015\/03\/612px-Elderly_Woman__BW_image_by_Chalmers_Butterfield.jpg","url":"https:\/\/rkillen.ca\/wp-content\/uploads\/2015\/03\/612px-Elderly_Woman__BW_image_by_Chalmers_Butterfield.jpg","height":768,"width":612},"url":"https:\/\/rkillen.ca\/a-new-problem-for-the-old\/","about":["Bankruptcy","Debt","Finances"],"wordCount":224,"keywords":["retirement","senior bankruptcy","senior debt"],"articleBody":"While aging baby boomers aspire to a placid retirement, this dream is being threatened by a growing problem: senior debt. An\u00a0August 2013 article\u00a0in\u00a0Financial Post\u00a0says, for example, \u201cA report provided [by] ratings agency Equifax Canada shows average debt for consumers aged 65 and over climbed 6.5 per cent over the past year, the biggest year-over-year increase in the period for any age group.\u201dApparently Canadians 65 and older account for eight per cent of bankruptcies, up from six per cent five years ago. \u201cThere\u2019s been an increase since 1987 in bankruptcy of people over 65 of 3,900 per cent, it\u2019s just huge,\u201d says Nadim Abdo, vice-president of consulting and analytical services at Equifax.Some reasons for this alarming situation include:\u00a0People are living longer, so may not have saved enough money to cover their entire retirement.Parents are bailing out debt-ridden adult children.Seniors are sinking too much money into real estate, lured by low interest rates and the prospect of high returns.Widows or widowers don\u2019t change their spending habits after a spouse dies and their pension disappears.The results of this rising problem is not only the anxiety of dealing with creditors but the increased risk of health problems, such as rising blood pressure and heart attacks, and passing estates to heirs that have to be placed into bankruptcy because of crushing debt."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"A New Problem for the Old","item":"https:\/\/rkillen.ca\/a-new-problem-for-the-old\/#breadcrumbitem"}]}]