Canadian plan members reported a significant drop in the amount they believe they need to retire — from roughly $1.4 million in 2023, 2024 and 2025 to $976,835 in 2026, according to Benefits Canada’s 2026 Employee Savings Survey.

The survey, which polled 500 Canadian savings plan members, also found younger and middle-aged respondents reported requiring just over $1 million on average, while those aged 55 and older were more likely to cite a much lower amount.

“The mean dropped by 31 per cent, but the median dropped by 50 per cent,” said Jimmy Carbonneau, national director of group retirement, group insurance and group annuity plans advisor at AGA Benefit Solutions, during a webinar discussing the survey results.

Read: Pension Awareness Day 2026: FSRA highlighting plan member education, retirement readiness

Strictly looking at the numbers, these results look drastic, he said, but if plan members’ finances have been well-managed — with debt under control and their lifestyles adjusted — maybe having less money won’t make them any less happy.

The fundamental question is whether plan members are recalibrating their expectations........

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