A significant opportunity awaits financial advisors in helping their clients learn how to transition to retirement, particularly as more Canadians age and take a step away from full-time work, states a recently released study.

The poll conducted by Pollara Strategic Insights for Mackenzie Investments indicates that 61% of Canadians (47% of Boomers) want to know more about what is involved in making the transition to retirement.

Retirees need more information on retirement issues

As it now stands, less than a quarter are very familiar with how the Canada Pension Plan works, when and how to convert their RRSPs to RRIFs, and how they'll be taxed in retirement. As well, 53% (67% of Boomers) feel confident they will be able to manage their investments during their retirement years.

More than 70% of respondents (74% of Boomers) feel there is opportunity to put more emphasis on helping people better understand all the components of successful retirement planning, beyond simply saving.

Lack of adequate retirement knowledge provides opportunities for investors

"Canadians in general, and Boomers in particular, are seeking advice on the details involved in making the successful transition to retirement," said Carol Bezaire, vice president, Tax, Estate & Strategic Philanthropy, Mackenzie Investments. "This provides Canada's financial advisors with a tremendous opportunity. As people approach retirement it's clear that there's more of a premium put on the value of advice as areas like tax and estate planning and optimizing investments during retirement take on added importance."

Bezaire highlighted four areas advisors should focus on when working with clients who are approaching retirement – sources of income, lifestyle, the amount they will require in cash every month when they retire and how to maximize tax savings.