In a recent survey, 30% of the respondents said they have not yet set aside any money for retirement. People who work with advisors are in better shape.

Credential Financial and market research firm Insights West released the results of their Canadians on Retirement poll yesterday. While 42% of working Canadians say they "have a plan" for their retirement, 30% admit they have not saved anything, and 18% expect they will have to keep working into their retirement. About a third of those who have already left their jobs said they retired with more debt than they had anticipated.

Among those over the age of 55, about half (51%) say that part-time work will be a minor source of retirement income and 12% say it will be a major source. Many of those in the 55 and over age group are relying on government programs: the Canada Pension Plan and Old Age Security will a major source of income for 49% and 46% respectively, while company pension plans and RRSPs will only be a major source for 21% and 22% respectively.

The survey found that investors who work with an advisor or financial planner tend to be better off. Of the 53% who had worked with a financial planner for ten or more years, 65% said their retirement is 'everything they thought it would be' and 77% said they have enough funds to 'sustain them through their retirement years'.

“It is evident that discussions with a financial planner play a big role in making Canadian retirees feel more secure in their retirement,” says Mario Canseco, Vice President, Public Affairs, Insights West. “Canadian retirees who talked to a financial planner are more likely to have enough money and a lower debt burden than those who did not.”