Here’s a stark reality check: A staggering 74% of Canadians are now questioning whether they’ll have enough money to retire comfortably, all thanks to the relentless rise in the cost of living. A recent BMO survey (https://newsroom.bmo.com/2026-02-17-BMO-Survey-Majority-of-Canadians-Say-Rising-Costs-Negatively-Affecting-Retirement-Plans) has laid bare the financial anxieties gripping the nation, revealing that inflation isn’t just a buzzword—it’s a retirement plan wrecker. But here’s where it gets even more unsettling: 66% of Canadians admit inflation is already chipping away at their ability to save and invest for their golden years.
Brent Joyce, Chief Investment Strategist at BMO Private Wealth, offers a glimmer of hope amidst the gloom. He emphasizes that while inflation poses a significant threat to retirement savings, the key lies in staying invested and taking proactive steps. “Incorporating inflation assumptions into your financial planning can help you forecast how your investments might perform over decades,” Joyce explains. This approach, he argues, is crucial for anyone looking to secure their financial future.
But here’s the part most people miss: Nearly half of those feeling the inflation pinch report additional monthly expenses ranging from $100 to $300, while a third are shelling out over $300 extra each month. To cope, 31% are slashing their retirement contributions, 27% are cutting back on spending, and a concerning 17% have postponed saving for retirement altogether. Is this the new normal, or a temporary setback?
The survey also uncovers a troubling lack of confidence: 30% of Canadians have no idea how long their retirement savings will last, while 22% believe their funds will only stretch between 10 and 19 years. Only a fortunate 13% think their nest egg will endure for 30 years or more. Paul Lalonde, Head of Wealth Planning at BMO Private Wealth Canada, stresses, “Comprehensive financial planning is non-negotiable when navigating unpredictable factors like inflation.”
And this is where it gets controversial: While most Canadians plan to retire in their current location, 30% are considering a move, with half of those eyeing a new country entirely. Ontario residents lead the charge, with 18% planning to retire abroad, while Quebecers are the least likely at just 11%. Is retiring abroad a smart financial move, or a risky gamble?
Conducted by Pollara Strategic Insights with 1,500 Canadians between November 4 and 10, 2025, this survey paints a picture of a nation at a financial crossroads. First published by The Canadian Press on February 17, 2026, it’s a wake-up call for anyone dreaming of a stress-free retirement. Are you prepared, or is inflation quietly derailing your plans? Let’s discuss—do you think retiring abroad is the solution, or is it a recipe for more financial headaches?
