What does retirement look like for Canada’s wealthy?

A BMO Private Banking poll shows those with investible assets of $1 million or more:

  • will retire, on average, at age 60;
  • feel they need an average of $2 million to live out their ideal lifestyles;

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  • plan to stay in Canada (91%); and
  • want to spend their retirement traveling (83%), spending time with family (73%), focusing on their hobbies (52%) and volunteering (40%).

The study also reveals 96% have an investment portfolio or share one with their spouse or partner. The average amount is $2,127,411, and nearly one quarter (23%) have more than $2 million.

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How they intend to use the money in their portfolios:

  • fund retirement – 91%
  • inheritance for family – 42%
  • income – 23%

Almost two thirds (62%) consider themselves balanced investors, 24% are conservative and 14% aggressive.

Regional breakdown:

RegionAverage age of retirement% who plan to retire in CanadaAverage $ amount needed for retirementAverage $ amount in investment portfolio% of affluent Canadians with an investment portfolio% who plan to use the money in investment portfolio to fund retirement% with investment portfolio who consider themselves balanced investors
National60912,300,0002,127,411969162
Atlantic56902,100,0001,390,154908558
Quebec58902,400,0001,526,1291009058
Ontario60912,200,0002,414,872958965
Alberta61902,400,0002,012,234989866
B.C.59922,200,0003,065,889949860