A strong majority of Canada’s baby boomers don’t feel they are on track with saving for their retirement or don’t know if they’re on track, but they are willing to do what it takes to get there, a According to a survey conducted for BMO Financial Group by Ipsos Reid.

The survey found 46% of boomers do not feel they are on track with saving enough to fund their retirement. While 24% of boomers don’t know if they are on track.

The survey of 1,066 Canadians aged 45 – 60 revealed that 7 in 10 respondents would give something up if they couldn’t save enough, and the majority of this group (83%) would also plan to work longer if they had to. Thirty-nine per cent of boomers would consider moving when they retire because of the cost of living in the area where they currently reside.

“Although it’s concerning that such a large number of boomers aren’t adequately prepared to fund their retirement, it’s encouraging that most recognize that they’ll likely have to make some adjustments to ensure they have enough money,” said Kris Vikmanis, head of retirement market, BMO Financial Group.

“Boomers no longer hold idealistic notions that ‘the government will take care of me’ or that ‘things will work themselves out’ in retirement. Rather, they acknowledge that they may have to work longer or give up something if they don’t have the money they need to fund the next phase of their lives.”

Eighty-one per cent of boomers agreed that they wished they had started earlier, even in their teens, to save for retirement and 91% agreed that having enough money for retirement requires a lot of planning and advice to reach your goals.

“This inclination to postpone retirement planning is consistent with previous research we’ve undertaken. Most boomers see retirement as a transition from full-time work to full-time retirement, rather than a point-in-time event, so they may not feel the pressure to plan for something that seems to be far off in the future,” said Vikmanis.

“Although boomers may feel they’re not on track or that they should have started earlier to plan for their retirement, it is important for them to sit down with a financial planner now to assess their current situation and develop a realistic plan based on this. It’s never too late to start saving, particularly when the average Canadian should plan to fund at least 20 years of retirement,” added Vikmanis.