Canadian couples say they need $1.7 million to retire.

New surveys report Canadian couples cite about $1.7 million in household savings as a comfortable retirement target, and many millennials say they have far less saved and feel anxious about finances.

Surveys released this week report rising retirement targets for Canadian households and widespread concern among younger people about saving enough. BMO's Annual Retirement Survey put the household target at about $1.7 million, up from $1.54 million the prior year. The article also cites RBC findings that include a roughly $814,000 figure and that millennials expect to need about $999,000 each. Several retirement calculators cited in the coverage suggest that low monthly contributions starting from zero could push target dates into a person's 70s. Survey findings: - BMO's survey reports a household retirement target near $1.7 million, which corresponds to about $850,000 per person in a two-person household. - A similar RBC survey reported a roughly $814,000 figure and noted millennials estimate needing about $999,000 individually. - The average millennial reported about $126,000 saved so far, with 64% saying they feel anxious about their financial future and 59% reporting they do not feel financially secure. - Retirement calculators referenced (Wealthsimple, RBC, TD) indicate that saving about $425 a month from no savings, with assumed annual returns around 5–5.75%, could delay reaching roughly $850,000 into a person's 70s. Summary: Survey data show higher nominal retirement targets and that many younger Canadians report substantially lower current savings and heightened financial anxiety. Undetermined at this time.