The rich need $2.3M to retire

Canadians with investible assets of $1 million or more say they need an average of $2.3 million to live out their ideal retirement lifestyle, shows a BMO Harris Private Banking survey.

By Staff | January 17, 2014 | Last updated on January 17, 2014

1 min read

Canadians with investable assets of $1 million or more say they need an average of $2.3 million to live out their ideal retirement lifestyle, shows a BMO Harris Private Banking survey.

That’s two and half times more than the $908,000 average that most Canadians, irrespective of income level, say they need.

Read: Help clients prioritize retirement

The majority of rich Canadians are upbeat about saving for retirement, with 95% saying they’re confident about their ability to achieve their ideal retirement lifestyle (versus 69% of Canadians overall).

The study also indicates 86% of wealthy Canadians are quite comfortable with their current savings and investment plans. Further, 70% expect stocks to generate the most solid returns over the next five years, well ahead of real estate (39%), bonds (24%) and cash (19%).

Read: The new retirement math

By region

Region	Average amount high-net worth Canadians feel they need for retirement	Average amount Canadians as a whole feel they need for retirement	% of high-net worth Canadians who feel confident about saving for retirement	% of all Canadians who feel confident about saving for retirement
National	$2,300,000	$908,000	95	69
Atlantic	$2,100,000	$622,000	100	66
Quebec	$2,400,000	$584,000	93	71
Ontario	$2,200,000	$978,000	93	67
Man/Sask	$2,100,000	$768,000	92	66
Alberta	$2,400,000	$1,300,000	97	71
B.C.	$2,200,000	$1,102,000	100	71

The survey was conducted online in spring 2013 with a sample of 305 Canadians with at least $1 million in investable assets.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.

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