How Many Canadians Actually Have $1 Million Saved for Retirement?

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Many Canadians believe they need $1 million or more saved to retire comfortably.

But how many Canadians actually have that much saved?

And more importantly… does that number even matter?

In this video, we break down the real retirement savings statistics in Canada and explain why focusing on a single retirement savings number can be misleading.

Using data from Statistics Canada, the HOOPP Retirement Survey, and BMO Retirement Research, we look at how Canadian retirement savings actually compare to the common “$1 million retirement target.”

We cover:

• How many Canadians aged 55–64 actually have $1 million in retirement savings
• Why net worth and retirement savings are not the same thing
• How home equity affects retirement planning in Canada
• The role CPP and OAS play in retirement income
• Why most Canadians misunderstand how government benefits support retirement
• The difference between asset targets and income planning
• Why retirement success depends on income sustainability — not just account balances

For many Canadians approaching retirement, the key question is not:

“Do I have a million dollars saved?”

The real question is:

“Can I generate the income I need from all sources — CPP, OAS, pensions, and investments — without running out of money?”

This is why retirement planning in Canada should focus on building a coordinated income strategy, not chasing a single savings number.

If you're within five to ten years of retirement and want help evaluating your full financial picture — including investments, taxes, and retirement income planning — you can schedule a consultation using the link in the description.


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