BMO Survey: Canadians Set Ambitious Retirement Goals Amid Rising Costs and Uncertainty

Executive Summary

• BMO’s Annual Retirement Survey shows Canadians now estimate they need $1.7 million to retire comfortably, up $160k from the prior year.
• 36% of respondents doubt they will reach their retirement target, an increase from 29% last year, while 14% say they plan never to retire.
• Regional targets vary widely, with British Columbia averaging $2.2 million and Atlantic provinces averaging $928k; savings rates also differ, with only 21% saving more than 10% of income.

Key Details

• Average retirement target: $1.7 million (2025), up from $1.54 million (2024).
• Confidence gap: 36% unlikely to meet target vs. 29% last year.
• Regional targets:
• British Columbia – $2,201,000
• Ontario – $1,923,000
• Alberta – $1,658,000
• Saskatchewan & Manitoba – $1,278,000
• Quebec – $1,237,000
• Atlantic Provinces – $928,000
• Savings behavior (percentage of income):
• < 5% – 28% of Canadians
• 5‑10% – 38%

• 10% – 21%

• Monthly savings amount distribution:
• <$100 – 10%
• $100‑$499 – 23%
• $500‑$999 – 10%

• $1,000 – 12%

• Retirement work intentions: 14% of all Canadians plan never to retire; among non‑retired respondents, 27% (Boomers), 20% (Gen X), 18% (Millennials) and 15% (Gen Z) say they do not intend to stop working.
• Advisor impact: 89% of investors say their advisor helps meet financial goals; 44% strongly agree.

Notable Quotes

• “Setting savings goals is essential, but turning those goals into reality is where the real work begins,” – Terri Szego, Senior Portfolio Manager & Senior Wealth Advisor, BMO Nesbitt Burns.
• “An increasing number of people say they plan to never retire… we work with clients to ensure their plans account for part‑time income and tax implications,” – Catherine Laurin, Senior Portfolio Manager, BMO Nesbitt Burns.