Nearly seven in 10 Canadians, or 69%, believe that determining the amount of money needed for a comfortable retirement is the key driver in their decision about when to retire, according to a survey released today by RBC Financial Group.

Even though money is key for most Canadians, they are also increasingly aware of the importance of their health care and lifestyle needs when planning their retirement.

“As the RRSP contribution deadline on February 29 approaches, many Canadians are thinking about their savings and whether they will have enough money to retire comfortably,” says Lee Anne Davies, head, advanced retirement strategies, RBC.

The survey showed that health care is becoming a more important consideration. Three in five Canadians (60%) think that their health care needs are also an important driver in their decision to retire, up from 54% in 2006. Nearly half of respondents (49%) expect to use some of their retirement savings to pay for health care costs — on average one-fifth of their retirement savings.

“As Canadians come to terms with the health impacts associated with aging, they realize that some of their retirement savings will be needed to pay for health care costs which may not be covered by government or employer programs,” says Davies.

Despite this realization, Canadians are optimistic about their retirement lifestyle. More than four in five respondents (81%) believe they will have a comfortable lifestyle in retirement 00 but views on how much money is needed vary dramatically.

According to those surveyed, retirees, on average, say they had a goal of nearly $450,000 as the amount of money required for a comfortable lifestyle. However, people who have yet to retire think they will need nearly double that amount, or almost $900,000.

Among Canadians who have not yet retired, men and women have dramatically different views — men estimate that they will need more than $1,000,000 to retire comfortably, while women put the figure closer to $675,000.

When asked about their primary source of income in retirement, Canadians are clearly taking matters into their own hands and not relying on government help. Nearly three in 10 (28%) say their primary source of income will be their company pension and almost an equal number (27%) expect that it will be income from their own investments. Only 17% say their largest source of income will be a government pension.

The 18th Annual RBC RRSP Poll was conducted by Ipsos Reid from Oct. 23 to Nov. 5, 2007. The telephone survey was based on responses from a random sample of 1,200 Canadian adults.