Statistics Canada reports that 34% of retirees aged 55 and above carry debt (Marshall, 2017). Median amount of debt for retirees is $19,000 while the average is $66,000. Debt levels can be broken down into the different categories:
– 48% of retirees between the ages of 55 – 64 have debt.
– 37% of those between the ages of 65 – 74 have debt
– 20% aged 75+ have debt