Canadian investors are more confident in their retirement plans if they’ve planned ahead by putting those plans on paper, according to a survey by Fidelity Investments Canada.

The survey indicates that pre-retirees who have a written plan feel better than those who don’t in almost all aspects: financially (88% vs 43%), emotionally (79% vs 64%), socially (84% vs 67%) and physically (89% vs 67%).

About 87% of pre-retirees with a written financial plan have a generally positive outlook on life in retirement, while less than half of those (42%) who do not have a plan have a negative outlook.

Unfortunately, nearly half of pre-retirees expect to have long-term debt heading into retirement.

“For Canadians, the path to retirement is becoming more complex. With higher debt loads and longer than ever life expectancy, those approaching retirement must think critically, plan ahead and take action today,” said Michelle Munro, director, Tax and Retirement Research.

Canadians trust their financial advisors

To best navigate this new environment, retirees and pre-retirees say they trust their financial planner or advisor the most when it comes to retirement planning, with social media being the least trusted source of information.

Canadians want their advisor to get to know them better and identify what issues need to be considered (73%), help them feel comfortable about their financial security (87%), understand what issues and trends could impact their investments (84%) and plan for the unexpected (62%), such as job loss, divorce and medical emergencies. 

About one-third of retirees in the survey are working to keep mentally and physically active, to have a sense of purpose, for social, financial and other reasons. Almost three in four (70%) pre-retirees say they believe they will be working in retirement.