Monday, October 20th11.8°C
23836
22924

Affluent Canadians say they need to save $2.3M for their ideal retirement

TORONTO - No need to pity the affluent, even if they have to save more than twice as much as average Canadians before retiring.

A new poll issued by BMO Harris Private Banking says richer Canadians, on average, feel they need at least $2.3 million set aside before calling it a career.

The figure for the affluent — those defined as having at least $1 million of investable assets — is two and a half times the $908,000 that average Canadians said they needed.

But the study also found that most affluent Canadians — fully 95 per cent — were confident of their ability to fund their ideal retirement lifestyle.

That compared with 69 per cent of Canadians overall.

Meanwhile, the majority of respondents among the affluent — 70 per cent — expected stocks to generate the most solid returns over the next five years, well ahead of real estate, bonds and cash.

"How much you require will be determined largely by what kind of lifestyle you envision for yourself, including where you plan to live, how much you want to travel and other factors that could require funding," said Yannick Archambault, chief operating officer at BMO Harris Private Banking.

"While it's encouraging that so many of the country's affluent are feeling good about the prospects for their retirement, it's important to be mindful that market conditions can change very quickly and impact one's investments."

The online survey was conducted for BMO by Pollara between March 28 and April 11, with a sample of 305 Canadians with at least $1 million in investable assets. Results for the general public come from online surveys involving 1,000 Canadians conducted in the second half of 2013.

The polling industry's professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.

The Canadian Press


Read more Business News

22655


Recent Trending




Today's Market
S&P TSX14337.77+110.09
S&P CDNX811.351.22
DJIA16399.6719.26
Nasdaq4316.075+57.637
S&P 5001904.01+17.25
CDN Dollar0.8864+0.0005
Gold1247.60+2.90
Oil81.45+0.07
Lumber330.40-0.50
Natural Gas3.67-0.001

 
Okanagan Companies
Pacific Safety0.10-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.12+0.01
Cantex0.055-0.025
Anavex Life Sciences0.191+0.001
Metalex Ventures0.050.00
Russel Metals32.28-0.07
Copper Mountain Mining1.99+0.05
Colorado Resources0.15+0.005
ReliaBrand Inc0.0111-0.0019
Sunrise Resources Ltd0.060.00
Mission Ready Services0.450.00

 



23658

FEATURED Property
20081813660 McIver Road
$895,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...


Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...


Experts share strategies in Kelowna

The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...

_





23545


Member of BC Press Council


23691