What it’s like to retire rich
Most Canadian millionaires plan to retire by age 60 on $2M
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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:
| Region | Average age of retirement | % who plan to retire in Canada | Average $ amount needed for retirement | Average $ 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 | |||||||
| National | 60 | 91 | 2,300,000 | 2,127,411 | 96 | 91 | 62 | |||||||
| Atlantic | 56 | 90 | 2,100,000 | 1,390,154 | 90 | 85 | 58 | |||||||
| Quebec | 58 | 90 | 2,400,000 | 1,526,129 | 100 | 90 | 58 | |||||||
| Ontario | 60 | 91 | 2,200,000 | 2,414,872 | 95 | 89 | 65 | |||||||
| Alberta | 61 | 90 | 2,400,000 | 2,012,234 | 98 | 98 | 66 | |||||||
| B.C. | 59 | 92 | 2,200,000 | 3,065,889 | 94 | 98 | 60 |
Originally published on Advisor.ca
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