Description: High home prices have been bad news for many younger Canadians starting on the home ownership and career journey. But these increased costs have also created stress for older Canadians as they enter the uncharted territory of carrying a mortgage into retirement. Dan Hallett, a financial planner, says “It’s certainly not ideal,” to enter retirement with a mortgage in tow. He adds that if the mortgage has only a few months left, you’ll probably be fine. But if the obligation stretches out for 10 or 15 more years, the retirees will have to make some adjustments.
Date: January 23, 2023
1) Has anyone in your family had to carry a mortgage into retirement? How did it impact them?
2) Have you considered a career as a financial advisor where you might help clients with these types of life decisions?
3) Page 1-2 of Wiley’s Financial Accounting: Tools for Business Decision-Making discusses the careers of several well-known Canadian accountants. How do you see your accounting career developing as you move on after graduation?