Canadians believe they need $1.7 million to retire comfortably, according to the 2025 edition of the annual BMO retirement survey.
The amount Canadians thought they needed to retire has fluctuated over time. In 2019, respondents thought they needed $1.3 million, rising to $1.7 million in 2022 before dropping to $1.5 million in 2024.
In 2025, those in Atlantic provinces believed they needed the least, being content with $900,000, while those in B.C. believed they needed the most, with $2.2 million. Ontarians and Quebecers said they would need $1.9 million and $1.2 million, respectively.
While Canadians have big retirement goals, just one-fifth (21%) are saving more than 10% of their income for retirement, with two-thirds saving 10% or less. In dollar terms, one in ten are saving less than $100 and 12% are saving $1,000 or more monthly.
For Millennials (those born between 1981 and 1996), 57% said they had little or no money left over after they pay monthly bills, according to a separate RBC survey.
Just over half (52%) of Millennials said retiring comfortably was a financial goal and 41% wanted financial independence. They reckoned $1 million will set them up for financial independence, but have only saved $126,000 so far, on average.
And making those savings goals hasn’t been easy or systematic. More than two-fifths (45%) of Millennials said they dipped into savings to stay afloat in 2025 and 40% said they’ll never pay off debts.
Less than half (48%) of Millennials have a financial plan. Of those who do, one-third said it was “in their head” rather than formally documented.
The BMO survey was conducted by Pollara Strategic Insights with an online sample of 1,500 adult Canadians between Nov. 4 and 10, 2025.
The RBC poll was conducted online by Ipsos with 2,000 Canadian adults between Nov. 5 to 17, 2025.