For many Canadians, retirement is a long-awaited chapter filled with dreams of travel, relaxation, or simply enjoying a slower pace of life. But what if debt is still part of the picture? The reality is that thousands of Canadians are retiring each year while still carrying credit card balances, lines of credit, or even mortgage debt.

At MORATAYA Corp, we often hear the question: "What can I do if I’m close to retirement, but still in debt?”

Let’s walk through your options.

Why Debt in Retirement Is Risky

When you retire, your income probably shifts to fixed sources like government pensions, retirement savings, or workplace benefits. That means:

Less flexibility to absorb unexpected costs

Higher pressure from interest payments

Greater risk of draining savings too quickly

Carrying debt into retirement can undermine the financial freedom you worked so hard to achieve.

Step 1: Assess Your Situation

Before panicking, assess your debt and income. Ask:

·  How much do I owe, and to whom?

·  What’s my monthly income after taxes?

·  Can I realistically continue these payments post-retirement?

If your debt payments would eat up more than 20–30% of your retirement income, it’s time to explore relief strategies.

Step 2: Explore Legal Debt Solutions

You do not have to face this alone. In Canada, solutions like a Consumer Proposal may allow you to:

·  Reduce the total amount you owe

·   Stop interest from accumulating

·   Protect your retirement savings and income

·  Make one manageable monthly payment

Unlike bankruptcy, a Consumer Proposal lets you avoid losing your assets and protects you from further collection efforts.

Step 3: Don’t Wait Until It’s Too Late

Many people delay asking for help, hoping things will improve. But the earlier you act, the more control you have over the outcome. Whether you're a few years away from retirement or already receiving pension income, now is the time to ask:

What can I do to retire with peace of mind, not financial stress?

At MORATAYA Corp, we offer free, no-obligation consultations with Licensed Insolvency Trustees. Our team will review your finances, explain your options, and guide you toward a future where monthly bills do not burden your retirement dreams.

📞 Ontario: (416) 784-0904

📞 Alberta: 1 (888) 880-0904

🌐 www.morataya.ca