What it’s like to retire rich

Most Canadian millionaires plan to retire by age 60 on $2M

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Ever wonder what it's like to retire rich? (Robert Nicholas/Getty Images)

Ever wonder what it’s like to retire rich? (Robert Nicholas/Getty Images)

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;

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  • 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.

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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.

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

Originally published on Advisor.ca

 

One comment on “What it’s like to retire rich

  1. Are these figures per person, or per couple?

    Reply

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