Are you financially secure enough to retire at age 60? Plan to spend your golden years globetrotting? Have $2.1 million in your investment portfolio to finance these dreams?
If the answer is yes, you’re among Canada’s affluent population, according to a BMO study released February 19.
One of the clear signs of affluence in the true north strong and free appears to be an investment portfolio.
The bank examined retirement plans among the country’s richest residences and found that 96% of them either have their own portfolio or share one with their spouse.
While average worth of the portfolio is $2.1 million across the nation, it jumps to $3 million in B.C. — the highest figure in Canada.
The West Coast residents also plan to retire earlier than the average Canadian (59 vs. 60).
The study also determined 92% of affluent British Columbians plan to stay in Canada throughout their retirement years. That’s the highest rate in the country, while the national average is 91%.
But rich Canadians also plan to mix it up throughout retirement.
The BMO study found 83% plan to travel during their golden years, 73% want to spend time with family and more than half (52%) will focus on hobbies.
When it comes to giving back to the community, the study found only 40% plan to do any sort of volunteering after they retire.
The results come from an online survey conducted by Pollara with a sample of 305 Canadians with at least $1 million in investable assets. The margin of error for a probability sample of this size is plus-or-minus 5.6%, 19 times out of 20.
