Monday, December 22nd-0.2°C
24124
24564

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

23015


Recent Trending




Today's Market
S&P TSX14427.26-41.00
S&P CDNX672.34-4.20
DJIA17901.0096.20
Nasdaq4776.224+10.844
S&P 5002073.27+2.62
CDN Dollar0.8600-0.0017
Gold1195.50-0.40
Oil56.50+2.39
Lumber336.90-1.10
Natural Gas3.139-0.325

 
Okanagan Companies
Pacific Safety0.125+0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.24-0.01
Cantex0.03-0.005
Anavex Life Sciences0.1712-0.0014
Metalex Ventures0.05-0.005
Russel Metals25.10-0.48
Copper Mountain Mining1.57+0.02
Colorado Resources0.11-0.01
ReliaBrand Inc0.011-0.0089
Sunrise Resources Ltd0.02-0.03
Mission Ready Services0.23+0.015

 
24130


24153

FEATURED Property
2122382213-2377 Shannon Woods Drive
2 bedrooms 2 baths
$359,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


First-time homebuyer mistakes

If you’re on the hunt for your first home and want to have a smooth and successful home purchasing experience avoid these common first-time homebuying mistakes.If you are looking for your first ...


My final thoughts on real estate

This will be the last column I write on real estate. Largely because at the end of the year I will be handing in my license. After 20+ years of working in land development, resort development and rea...


Reflecting on the end of the year

The importance of the end of the year and the Christmas holidays is profound. It is a time to reconnect with family and traditions that have made us who we are. But the year-end has always been a time...

_



24386

24111


Member of BC Press Council


24333