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BMO Retirement Survey: Over Three Quarters of Canadians Worry They Will Not Have Enough Retirement Savings Amid Inflation
BMO Retirement Survey: Over Three Quarters of Canadians Worry They Will Not Have Enough Retiremen...
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[{"type":"text","content":"\n\n\n\n BMO Retirement Survey: Over Three Quarters of Canadians Worry They Will Not Have Enough Retirement Savings Amid Inflation\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n Canadians believe they need an average of\n \n $1.54 million\n \n for retirement\n \n\n\n\n Roughly two thirds (63%) say rising prices are affecting their ability to save for retirement\n \n\n\n\n Annual Registered Retirement Savings Plan (RRSP) contributions reach record high of\n \n $7,447\n \n\n\n\n\n\n\n TORONTO\n \n\n ,\n \n\n Feb. 12, 2025\n \n\n /CNW/ - BMO's 15\n \n th\n \n annual Retirement Survey reveals several key insights into how Canadians feel about their retirement savings. The survey finds over three quarters of Canadians (76%) are worried they will not have enough money in retirement because of rising prices. The survey also finds 63 per cent of Canadians believe rising prices over the past 12 months have limited their ability to save for retirement. On average, Canadians surveyed believe they will need just over\n \n $1.54 million\n \n to retire, down from\n \n $1.67 million\n \n in 2023.\n \n\n Amid inflationary concerns, Canadians are contributing more than ever to their Registered Retirement Savings Plans (RRSP). This year, average RRSP contributions are on track to reach\n \n $7,447\n \n – a 14 per cent increase over last year\n \n ($6,512)\n \n and above the pandemic high-water mark set in 2021\n \n ($6,822)\n \n .\n \n\n\n Annual RRSP Savings Hit Record High, according to BMO Retirement Survey\n \n\n\n\n\n\n\n\n\n\n \"Many Canadians continue to show resilience, making saving and investing in their retirement a top priority,\" said\n \n Brent Joyce\n \n , Chief Investment Strategist and Managing Director, BMO Private Investment Counsel. \"For Canadian investors, one of the best ways to make financial progress and stop rising prices from eroding retirement savings over the long term is to have a portfolio designed to mitigate inflationary pressures, while also taking other factors like investment time horizon and risk tolerance i...