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;
- 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.
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.
|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|
Originally published on Advisor.ca