There, I said it. I’m 55, still in debt, with a family and aging parents. We should all be able to live decent lives, yet we’re under constant pressure just to cover basic survival. And it can all be gone in a second. After nearly 30 years of hard work, I thought I’d have some peace of mind and something to show for it. But nope.
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Staying in Canada, you won't be able to retire. None of us will.
We can all sleep well knowing the executives and shareholders multi-million dollar futures are now more secure with the changes afoot.
@ac took me three years to land after being let go in Covid layoffs. It’s not pretty out here in the labour market. Rampant offshoring the Canadian government turns a blind eye to. Very high unemployment to begin with. Rapidly shifting technology. And then throw in AI (better wrap your head around that and make friends with ChatGPT premium right fast btw). It’s not good out there and it’s getting worse. You can still get lucky, but you can also do all the right things well and still stay longterm unemployed. Play the RRSP withdrawal game well, invest it wisely so it grows fast. Open a secured low interest line of credit so you have it as backup. Eliminate whatever debt Lou can now while you still have a job and good credit. Don’t lose your good credit!
It’s capitalism my friend. And that transcends any political party in office. Sorry this is the wake up call that you weren’t looking for.
Believe in yourself, apply your skills, acquire new ones, work hard, and you will be okay. Health and family first, the rest will come. You got this!