How the rich plan to retire

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:

  • will retire, on average, at age 60;
  • feel they need an average of $2 million to live out their ideal lifestyles;
  • plan to stay in Canada (91%); and
  • want to spend their retirement travelling (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.

    Read: Even the rich worry about retirement

    How they intend to use the money in their portfolios:

    • fund retirement (91%);
    • inheritance for family (42%); and
    • income (23%).

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

    Read: 5 ways retirement is changing

    Here’s a 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


    This story originally appeared on our sister site, Advisor.ca.

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