GBK Strategic | How Canada’s wealthy will retire

How Canada’s wealthy will retire

Posted by Admin1034 in Blog, Uncategorized 01 Jun 2015

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.

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

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