Just 25% of Canadians feel they will have enough money to fulfill their retirement dreams, according to the results of a new poll released Monday by Royal Bank of Canada.

The 20th Annual RBC RRSP Poll found that 75% of retired Canadians didn’t know how much they spent in their first year of retirement, virtually unchanged from 2008’s 76%.

Those who know how much they spent had lower costs in their first year of retirement, having spent close to $35,000, down from $51,000 in 2008. However, 52% of these respondents said they spent more than expected, up from 46% in 2008.

“How much money you’ll need in retirement depends on how you’ll be spending your time, with many Canadians underestimating the amount they will need,” says Lee Anne Davies, head, retirement strategies, RBC Royal Bank.

When thinking about retirement, the study found that Canadians who have not retired were most worried about having enough savings (48%), while only 29 per cent of retirees had this concern. Both pre-retirees and retirees are concerned about maintaining their standard of living (40%). Retirees are also more likely to be worried about healthcare (33%) than pre-retirees (28%).

“All of these concerns are valid. Whether retired or not, your life will be somewhat unpredictable at times and you need to be ready when life throws you a curve ball. This is where having a plan can provide peace of mind — you’ll know you’ve considered the unexpected and you’ve taken the steps to save for your retirement,” said Davies.

These are some of the findings the RBC 20th Annual RBC Poll conducted by Ipsos Reid between Oct. 21 and Nov. 2, 2009. For this survey, a national sample of 1,457 adults from Ipsos’ Canadian online panel was interviewed online.