How much money is enough to fund your retirement? That is probably the most common question financial advisers have to answer, especially in February when they are talking to their clients about RRSP contributions.
The answer to this question is a little like how long is a piece of string or how big is a house? So, it is interesting to see what the average Canadian sees as the answer.
A new survey by BMO has it pegged at as much as $2.1 million in savings.
That is the number millennials came up with. Boomers, who are much closer to retirement, figured $1.3 million would do the trick. The average for all ages was $1.7 million but men figure they need about 50 per cent more than women in finance their Golden Years.
The survey also found that people are finding it harder to save and the average RRSP account is declining in this country. Higher prices for everyday purchases have nearly half of the Boomers saying they will have to work longer than they previously expected to accumulate enough savings to retire.