This article was last updated on April 16, 2022
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A new poll has revealed that rich Canadians are only satisfied to have retried comfortably if they have $2.3-million, which is almost two-and-half times more than the individuals across all income levels. The results of the survey conducted by BMO Harris Private Banking, published on Friday, revealed that the average amount that Canadians overall average considered as a decent retirement is $908,000.
The research pointed out that there is an abnormally large difference between the confidence level among the two groups, regarding have sufficiently their savings practices ensure the desired retirement lifestyle. The poll showed that an overwhelming 95 per cent of high-net-worth respondents are optimistic about their ability to save for retirement, compared to 69 per cent of all Canadians Conclusively, vice-president and chief operating officer of BMO Harris Private Banking, Yannick Archambault, mentioned in a press release that saving for retirement is not a one-size-fits-all proposition in terms of the ideal amount people need to save. He explained that “how much you require will be determined largely by what you 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.”
In addition to that, the survey also pointed out that richer Canadians are content with how their retirement planning is progressing. The study also found that 86 per cent of respondents in the wealthy category, i.e. with more than $1-million investible assets, are more confident about with their current savings and investment plan.
The poll is the bank’s way of calling for — silently demanding — a national voluntary euthanasia program that will be followed by a mandatory version for those who don’t have the $2.3 million (in 2014 terms) set ascomment_IDe for retirement: A Canada with no poor people except temporary immigrant labor that can be expelled at will. What a lovely future.