Posthaste: Canadians' retirement savings goal of $1.7 million increasingly unattainable, BMO survey finds [Yahoo! Finance Canada]
Bank Of Montreal (BMO)
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Source: Yahoo! Finance Canada
need $1.7 million on average to “retire comfortably,” up from $1.54 million in 2024, according to a new survey by Bank of Montreal “The findings indicate growing uncertainty about the future as rising costs and economic concerns challenge long-term financial planning goals,” BMO said about the study of 1,500 adults conducted late last year and released on Tuesday. Canadians' latest retirement savings goal is 26 per cent higher than the $1.35 million in 2019, which is when BMO started asking how much people thought they would need to get them through their non-working years. Some people had an even higher retirement savings hill to climb. For example, British Columbians estimated they need $2.2 million, while Ontarians came in just behind at about $1.9 million. Albertans had the next highest goal at almost $1.7 million, followed by those in Saskatchewan and Manitoba at $1.28 million, Quebec at $1.24 million and the Atlantic provinces at $928,000. But Canadians' belief in their
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