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MILWAUKEE, WI--(Marketwired - Feb 20, 2014) -

• Projection is in line with national average
• Taking variables into account, this translates into roughly $110,000 of retirement income per year
• Eighty-eight percent of the state's high-net-worth residents are confident that they will be able to achieve their ideal retirement lifestyle

According to a study released today by BMO Private Bank, high-net-worth individuals in Wisconsin (those with investible assets of $1 million or more) reported that they require, on average, $2.3 million to achieve their ideal retirement lifestyle. This amount is in line with the national average. Moreover, almost 90 percent feel that they are well positioned to be able to afford their dream retirement. 

Based on average longevity and provided rates of return, BMO Private Bank estimates that this $2.3 million would generate retirement income of roughly $110,000 annually.

"The affluent in Wisconsin are upbeat and confident when it comes to their future," said Jason Stamm, Regional President, Northern States, BMO Private Bank. "However, it's worth noting that $2.3 million in retirement savings works out to approximately $110,000 per year in annual retirement income, which tells me that some of the state's well-to-do may be underestimating what is truly necessary to maintain their lifestyle."

Mr. Stamm added, "Sound financial planning and asset allocation are critical to ensuring a retirement lifestyle that meets expectations," he added. "I cannot stress enough the importance of working with a wealth management professional to help individuals understand and achieve their retirement goals."

About BMO Private Bank, a part of BMO Financial Group
BMO Private Bank offers a comprehensive range of wealth management services that include investment advisory, trust, banking and financial planning to meet the financial needs of high-net-worth clients. Through integrated teams of experienced financial professionals, BMO Private Bank helps its clients realize their financial and lifestyle goals with solutions that are custom tailored and delivered with the highest level of personalized service.

BMO Private Bank is a brand name used in the United States by BMO Harris Bank N.A. Member FDIC. Not all products and services are available in every state and/or location.

The online survey was conducted by Pollara between March 28th and April 11th, 2013 with a sample of 482 American adults who have $1M+ in investable assets. The margin of error for a probability sample of this size is ± 4.5%, 19 times out of 20.