TORONTO — A new survey from BMO finds the majority of Canadians say the rising cost of living is affecting their retirement plans.

Seventy-four per cent of respondents say inflation has raised concerns about whether they will have enough money to fund their retirement. Meanwhile, 66 per cent say inflation is already impacting their ability to save and invest for their golden years.

Brent Joyce, chief investment strategist at BMO Private Wealth, said in a news release that while inflation is a threat to retirement savings, the key is to stay invested and be proactive.

He said that incorporating inflation assumptions into financial planning can help people understand how their portfolios may perform over long periods of time.

Among those who said inflation was impacting their finances, 47 per cent said they had additional monthly expenses between $100 and $300. Thirty-four per cent said their additional monthly expenses exceeded $300.

In order to manage the extra costs, 31 per cent said they are contributing less to retirement savings, while 27 per cent said they are cutting back on spending to maintain savings contributions. Seventeen per cent said they have outright delayed saving for retirement.

The survey also finds that 30 per cent of respondents say they do not know how long their money will last in retirement before it runs out. Another 22 per cent said they believe their savings will last between 10 and 19 years, while 13 per cent said they think their nest egg will last 30 years or more.

“Comprehensive financial and wealth planning is essential to providing clarity — especially when navigating complex and ever-changing variables like inflation,” said Paul Lalonde, head of wealth planning at BMO Private Wealth Canada.

While most Canadians expect to retire where they currently live, about 30 per cent said they plan to move to another city, with about half of that group intending to relocate to another country.

Those living in Ontario were most likely to indicate plans to retire in another country at 18 per cent. Quebec residents were the least likely to see themselves retiring in another country at 11 per cent.

The survey was conducted by Pollara Strategic Insights with an online sample of 1,500 Canadians between Nov. 4 and Nov. 10 last year.

This report by The Canadian Press was first published Feb. 17, 2026.

Daniel Johnson, The Canadian Press