Canadians Say They Need $1.7 Million to Retire—A $160,000 Jump in Just One Year: Survey

Canadians are raising their retirement goals amid economic uncertainty, but more than a third doubt they will ever achieve them, a recent survey suggests.

According to Bank of Montreal’s annual retirement survey, Canadians believe they need an average of $1.7 million to retire comfortably—up from $1.54 million in 2024, a $160,000 increase year over year.

The poll, conducted with 1,500 adult Canadians from Nov. 4 to Nov. 10, 2025, also found that confidence in reaching retirement savings targets is “weakening,” with 36 percent of respondents saying they’re unlikely to hit them, up from 29 percent a year earlier.

“The findings indicate growing uncertainty about the future as rising costs and economic concerns challenge long-term financial planning goals,” BMO Financial Group said in a news release on Feb. 24.

Conducted by Pollara Strategic Insights on behalf of the bank, the survey indicated that expected retirement amounts vary widely across regions in the country.

British Columbia reported the highest estimated retirement target at $2.2 million, followed by Ontario at around $1.9 million, with Atlantic Canada the lowest at $928,000, the bank said. Alberta’s average was about $1.66 million, while Saskatchewan and Manitoba reported similar savings goals of roughly $1.28 million. Quebec came in at $1.24 million.

‘Plan to Never Retire’

Despite raising their savings targets, more than 60 percent of Canadians are falling short of setting aside 10 percent of their income, a common benchmark for retirement planning, according to the bank. Twenty-eight percent of respondents said they save less than 5 percent of their income, while 38 percent reported saving between 5 and 10 percent. The survey found that only 21 percent of Canadians save more than 10 percent of their earnings.

In dollar terms, the bank noted that 10 percent of Canadians save less than $100 per month toward retirement. Twenty-three percent save between $100 and $499, and 10 percent save between $500 and $999. A smaller group, 12 percent, contribute more than $1,000 each month to their retirement savings.

The poll also highlighted a shifting attitude toward retirement, with ​​some Canadians saying they plan to never retire for various reasons. Among those surveyed who are not yet retired, 14 percent said “they do not plan to stop working,” the bank reported.

The proportion is higher among unretired Baby Boomers at 27 percent, compared with 20 percent of Generation X, 18 percent of Millennials, and 15 percent of Generation Z who said they don’t plan to retire.

“An increasing number of people say they plan to never retire, which often means they don’t want to stop working entirely,” Catherine Laurin, senior portfolio manager at BMO Nesbitt Burns, said in a press release. “For many, retirement includes part-time work, freelancing, or passion projects.”