Affluent Canadians report that they need, on average, $2.3 million to live out their ideal retirement according to a study by BMO Harris Private Banking.
BMO Harris, part of North America based BMO Financial Group, examined trends among the affluent in Canada in their fourth in a series of reports. It also said that 95% of high net worth (HNW) Canadians are optimistic about their ability to save for retirement compared to 69% for the country in general.
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Moreover, the amount given by HNW Canadians is two and a half times more than the average amount that a Canadian reports they need.
Yannick Archambault, BMO vice president and COO, said: "Regardless of your income or the amount of wealth you posses, it’s important to understand that saving for retirement is not a one-size-fits-all proposition in terms of the ideal amount you need to save. What’s important is that you give serious thought to how you want your retirement to look and then work with a financial professional to create a financial plan that includes a retirement savings and investing component."
