Canadians Expect to Need $1.7 Million to Retire

Tuesday, 7 February 2023 12:21

By Linda Morgan

A new BMO survey suggests Canadians think they need to save $1.7 million in order to retire

If you're wondering how much you'll need to retire, well, that amount could be pretty steep.

According to a new BMO survey, Canadians now think they'll need about $1.7 million in savings.

This is about 20 percent higher than three years ago.

The bank says while many people overestimate how much they'll need to retire, the poll does reflect people's concerns about inflation and the cost of living.

Canada's inflation rate hit 8.1 percent last summer and now sits at 6.3 percent.

According to the survey, about 22 percent of Canadians plan to retire between the ages of 60 and 69.

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Canadians Expect to Need $1.7 Million to Retire

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