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Average Canadian thinks $908K needed for retirement: poll

Canadians think they need more than $900,000 in the bank to retire, according to a study released on Friday.

The BMO Harris Private Banking poll found, on average, Canadians would like to have $908,000 saved up for their golden years.

The rich — those with at least $1 million in investments — said they need more than double that figure, $2.3 million, to have a comfortable retirement.

“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,” BMO’s Yannick Archambault said in a statement.

The dollar figure Canadians chose was lowest in Quebec ($584,000) and highest in Alberta ($1,300,000) on average.

And the survey showed the wealthy were more confident they would be able to save what they needed for retirement. Ninety-five per cent were happy with what they were saving, versus 69 per cent of the overall population.

About 1,300 Canadians were polled online last spring and in the second half of 2013.

According to The Canadian Press, the polling industry’s professional body, the Marketing Research and Intelligence Association, says online surveys don’t provide random samples and can’t be assigned a margin of error.

Click here for more details about the poll results.

How much do you need for your retirement? Let us know in the comments.