A new poll from CIBC found most Canadians would like to retire at age 61, but more than half of workers doubt they'll be able to.
Of respondents still working, 66 per cent are worried about running out of money during retirement, while 41 per cent think they're saving enough for retirement.
CIBC reported 85 per cent of those surveyed do not have a formal financial plan for retirement. About a third are guessing how much money they'll need, 28 per cent are hoping they'll have enough, 21 per cent are calculating their plan, while 14 per cent used a financial advisor.
About 57 per cent of those asked said they are shifting their focus to meeting current financial needs, and a quarter of respondents are changing the way they invest. The poll found 37 per cent delayed retirement due to recent economic conditions.
"With the deadline to contribute to a Registered Retirement Savings Plan (RRSP) quickly approaching, it's no surprise to see Canadians have retirement on their minds. Canadians are clear on when they want to retire, but most aren't clear about how it will happen and don't have a formalized plan in place. Setting the foundation with a plan can take the worry out of it and make you feel excited for that next chapter, knowing you're on track to achieve your dream retirement," said Carissa Lucreziano, Vice-President, Financial and Investment Advice, CIBC.
Canadians' top ambitions in retirement include: Slow down/enjoy their downtime: 43 per cent Travel more frequently: 35 per cent Spend more time with loved ones: 29 per cent Make positive lifestyle changes (e.g., exercise more often, focus on health): 24 per cent Start a new hobby/pursue a passion: 17 per cent