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Jan 17, 2014

Affluent Canadians need average of $2.3 million to retire: Report

Amount is more than 2 times what the average Canadian feels they need to retire
    
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High net-worth Canadians feel they will need, on average, $2.3 million to maintain their ideal lifestyle in retirement, according to a study by BMO Harris Private Banking.

That represents two and a half times more than the amount the average Canadian feels they will need, which is reported at $908,000. High net-worth Canadians were defined as those with investible assets of $1 million or more.

But how much you’ll need to save for retirement can really vary depending on individual circumstances.

"Regardless of your income or the amount of wealth you possess, it's important to understand that saving for retirement is not a one-size-fits-all proposition in terms of the ideal amount you need to save," said Yannick Archambault, vice-president and COO, BMO Harris Private Banking.

"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. What's important is that you give serious thought to how you want your retirement to look and then work with a financial professional to create a financial plan that includes a retirement savings and investing component."

Affluent Canadians are also highly optimistic about saving for retirement, and 95 per cent feel confident in their ability to save enough to maintain their lifestyle.

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