Boomers still paying off debt!
Paying off debt is also growing as a financial concern: 22% of poll respondents said cutting debt in 2015 would their top priority, compared with 16% who said the same thing in 2014.
Meanwhile, retirement planning continues to drop further down the list. Just 5% of respondents listed saving for retirement as their top priority, compared with 7% in 2014.
Well it’s a difficult one to juggle isn’t it?
On the one hand if you are shortly only going to have a pension to live on then today you must surely reduce any debt you have so that you can live within your pension limits.
However on the other hand if you don’t save for your retirement then there won’t be enough money to even live off!
What a conundrum us Boomers are in!
*CIBC noted that the age groups would typically even though in their “peak retirement savings years,” but the poll results suggest that preoccupation with paying down debt has nearly doubled over the past year.
I am no different to millions of Boomers and I too am juggling the conundrum but, I think I have come up with a solution. Half my resources go into the retirement savings pot and the other half pays down the debt.
I have worked it all out and providing it all goes to plan, I should start my retirement with an acceptable passive income and be debt free…. Can’t wait!
I hope your plans are coming together for your retirement too.
Go well till the next time