Thanks to low interest Calgary mortgages, many people will be able to go into retirement without certain types of debt. However, according to a recent survey, back payments are something that many Canadians will still have to deal with.
The survey, which was conducted by Leger Marketing on behalf of the Canadian Imperial Bank of Commerce, found that one in every four Canadians who are between 50 and 59 years of age expect to have some debt in retirement. In addition, of these people, 80 per cent said that these cost obligations would likely last throughout their retirement years.
"While some Canadians may feel they can incorporate monthly debt payments into their retirement, the reality is that repaying debt before retirement remains an integral component of maximizing cash flow," said Christina Kramer, executive vice president of CIBC.
In order to reduce some of their back payments, it may be a good idea for those nearing retirement to consider meeting with a Jencor Mortgage advisor. They can explain how low mortgage refinance rates are a great way to reduce debt obligations so loans can be paid off more quickly.