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.
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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%).
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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.