Canadians now believe they need $1.7 million in savings in order to retire, a 20 per cent increase from 2020, according to a new BMO survey.
The eye-watering figure is the largest sum since BMO first started surveying Canadians about their retirement expectations 13 years ago. It's also a drastic increase from the $1.4 million in savings Canadians expected to need for their nest eggs just two years ago.
The sharp increase to Canada's inflation rate in 2022 exceeded wage gains, eroding purchasing power for most families and heightening fears about the future. The BMO survey found that just 44 per cent of Canadians are confident they will have enough money to retire as planned — a 10 per cent decrease from 2020.
“It really does have to be taken at an individual level, because circumstances are very different ... But $1.7 million, I would say, is high." "In the survey, we note that 53 per cent of Canadians didn't know how much they will need to retire," Dabu said.
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