Canadians Now Expect to Need $1.7M in Order to Retire: BMO Survey

Canadians now believe they need $1.7 million in savings in order to retire, a 20 per cent increase from 2020, according to a new BMO survey. A man looks over a brochures offering various retirement savings options Feb. 3, 2012 in Montreal. The Canadian Press/Ryan Remiorz

Canadians now believe they need $1.7 million in savings in order to retire, a 20 percent increase from 2020, according to a new BMO survey.

The eye-watering figure is the largest sum since BMO first started surveying Canadians about their retirement expectations 13 years ago. It’s also a drastic increase from the $1.4 million in savings Canadians expected to need for their nest eggs just two years ago.