This group is past the transition period and has settled into retirement. The good news is that by now most people aren’t carrying much debt. In fact, 73% have $1,000 or less in personal debt, excluding their mortgage. They’re also the least comfortable with credit cards and lines of credit – just 36% would use either to make a large purchase.

The bad news is that they don’t have much in the way of assets either. Just 30% have more than $100,000 in personal savings and investments, beyond their principal residence, and 24% confess they have $1,000 or less.

As life expectancies lengthen, low savings reserves may mean that some retirees will need to access other resources, including the equity in their homes, to make ends meet. And that, in turn, may mean less of an inheritance for their children – many of whom may be counting on bequests to finance their own retirement.

Source: Desjardins Financial Security Retirement Survey, 2008

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