How Much Do Rich People in Canada Need to Retire?

Retirement Amount for Canada’s Wealthy

First Published Date: January 27, 2017

A recent poll done by BMO Harris Private Banking found out how Canada retirement would look like through the eyes of affluent people in Canada. The number stands at a staggering amount of $2.3 million.

Further, rich people are more confident than average people reaching their retirement goals. 95 percent of the wealthy said they are more confident in reaching their goal. On the other hand, only 69 percent of average people are confident in reaching their goals.

However, don’t let these numbers deter you from reaching your own goals. Your personal retirement amount can be totally different than any other person. As there are many unique factors that play a role in determining each person’s retirement needs, it is possible to retire with a much smaller amount than the amount for the wealthy ($2.3 million) or the average Canadian amount (about $900,00.00).

A Dawn Journal has a retirement section featuring lots of retirement articles and I encourage you to go through it.