BMO survey
Need more than ever to retire
Canadians say they need more than ever to retire – and a growing share doubts they will get there.
According to BMO’s Annual Retirement Survey, Canadians now estimate they need about $1.7m to retire, up from $1.54m last year, yet 36 percent say they are unlikely to hit that number, up from 29 percent a year earlier.
Terri Szego, senior portfolio manager and senior wealth advisor at BMO Nesbitt Burns, said setting savings goals is important, but “turning those goals into reality is where the real work begins.”
The survey shows how retirement targets have shifted in recent years. Regional figures underline how uneven those expectations are. Respondents in BC report the highest target at $2.201m, followed by Ontario at $1.923m and Alberta at $1.658m.
Among Canadians who are not retired, 14 percent say they do not plan to stop working. That view is more common among Boomers who have not yet retired, 27 percent of whom say they do not plan to stop working.
Catherine Laurin, senior portfolio manager at BMO Nesbitt Burns, said an “increasing number of people say they plan to never retire,” which often means they do not plan to stop working entirely.
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