The median net worth for Canadians aged 65 and older is approximately $543,000 to $738,900, with some data indicating a slightly lower median of $475,900 for individuals living alone. Average net worth figures, which can be heavily skewed by high-net-worth individuals, have been estimated as high as $5.6 million for households in this demographic, though this includes all assets like real estate and investments.
If the TLDR chart is true, then the only about 7-8% of the Canadian population has 500K or more.
Net Worth and Being Wealthy
Those who are truly wealthy often have a net worth that is much higher than $1 million. Keep in mind, though, that just because someone is considered wealthy and has a high net worth doesn't necessarily mean that they are debt-free.
According to a 2025 BMO survey, the average Canadian says they'll need about $1.54 million to retire (1).
Yes, retiring comfortably with $500,000 is achievable. This amount can support an annual withdrawal of up to $34,000, covering a 25-year period from age 60 to 85.
The above chart shows that U.S. residents under 35 have an average of $49,130 in retirement savings; those 35 to 44 have an average $141,520; those 45 to 54 have an average $313,220; those 55 to 64 have an average $537,560; those 65 to 74 have an average $609,230; and those 75 or older have an average $462,410.
Then comes the line that defines what wealthy looks like for people approaching retirement. The top 10% ages 55 to 64 sit at roughly $2,960,900. That's the benchmark for upper class status at that stage of life.
Americans ages 65–74 have a median net worth of $410,000, the highest of any age group. About 76% own a home and 51% have a retirement account, making home equity and savings the biggest drivers of wealth at this stage.
Of the 54.3% of U.S. households that have any money in retirement accounts, only about 9.3% have $500,000 or more in retirement savings.
The top ten financial mistakes most people make after retirement are:
If you plan on spending $60,000 or less annually in retirement, $800,000 will be more than enough.
Based on this data, approximately less than 10% of Canadians aged 55 to 64 have $1,000,000 or more saved up to carry them into retirement. However, there are ways to improve your odds of getting to $1-million-plus in retirement savings, but it will take work.
While there were 4.4 million families in Canada with net wealth above $1 million and 108,000 families with net wealth above $10 million, only about 100 families cross the billion-dollar threshold. Families with over $1 billion in net wealth collectively own 2.2% of national wealth, or $360 billion.
The main government source is the Canada Pension Plan (CPP), which pays out based on your lifetime contributions. * For 2024, the maximum benefit for someone retiring at age 65 is $1,364.60 per month, although the average payout is actually much lower, at $831.92 per month.
Whether you are planning for your future or already retired, here are six hidden retirement costs to factor into your retirement plan and budget.