Canadian workers could need almost $2 million to retire

February 8, 2023

Looking to retire this year? Well, you might need $1.7 million in savings.

A new report from BMO found that working Canadians now believe they’ll need close to $2 million stashed away in retirement funds, a 20% increase from 2020. What’s more, less than half of Canadians think they’ll have enough money to retire as they planned.

BMO’s 13th annual Retirement Study found that employees are now making retirement savings a main priority in 2023, in the face of inflationary hikes and a cost of living crisis.

Source: HR Reporter