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The Shift From Freedom 55 to Freedom 75

The Shift From Freedom 55 to Freedom 75

If you’re a Baby Boomer, you probably remember the big marketing campaign that promoted “Freedom 55”.

The idea behind the campaign was that we would be able to retire at the age of 55 and then live the life we’ve always wanted without any financial worries.

Well times have changed.

Chances are it may be more like Freedom 65 or 75 now.

Unfortunately, more and more Seniors are going bankrupt and this should send a warning to the rest of us racing towards the retirement goal line.

According to Statistics Canada, 42.5% of Seniors have debt – that’s a 55% increase since 1989. There has also been a 20% increase in people 65 years or older in declaring bankruptcy since 2010.

However, like many gloomy situations there is also a silver lining too. Part of the reason this is a problem is because we are now living longer. But this requires increased funds for us to enjoy this part of the equation.

So maybe we should take notice and not be so quick to jump out of the workforce until we are sure that we have enough money to cover our potentially very long retirement.

Here is more about this situation in the following CBC News report:

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