A new survey from Fidelity Investments Canada ULC finds that summer time is retiring time for Canadians. The third annual 2007/2008 Fidelity Canadian Retirement Survey shows that June, July and August are the months when the highest numbers of Canadians retire. However, this year’s survey shows that more retirees are finding retiring is getting harder.

“Fidelity’s research shows that when it comes to the timing of their retirement, the summer months are the tops for Canadians. When you consider the relatively short summer Canada enjoys, it seems that retiring Canadians want to take full advantage of the summer months by not spending them at work,” says Peter Drake, vp, economic and retirement research, Fidelity.

While Fidelity’s research shows that more Canadians retired in the summer months, for almost four-in-10 Canadians celebrating their retirement certainly was not their first priority. Thirty-six per cent of retirees stated that they did not celebrate or mark their retirement with anything special. This is partially explained by the 40% of retirees that report they have continued to work after retiring. Luckily, the majority of retirees did celebrate with company parties (31%), parties thrown by family or friends (18%), taking a special trip or vacation (14%) or starting a new hobby (12%). One-in-seven retirees marked their retirement by meeting with their financial advisor.

The high numbers of Canadians not celebrating their retirement can also be explained by survey results showing that retiring became a little more difficult this year. Compared to last year’s survey, fewer retirees report that their transition into retirement was as easy as they thought it would be. In the 2006/2007 Fidelity Canadian Retirement Survey, 48% of respondents reported that their transition into retirement was easier than they expected. This year, only 39% of retirees reported that their transition into retirement was easier — a full 9% drop over last year.

“Considering the volatility of the financial markets and other investment issues investors faced in late 2007 and early 2008, many recently retired Canadians might be feeling a little less than secure about their retirement,” says Drake.

When it comes to talking about how much they saved for retirement, Canadians can be tight-lipped. One-in-four (26%) non-retirees and 32% of retirees report that, while they have thought about it, they have not discussed the amount they have saved for retirement with family members, friends or their financial advisor.

The survey results also show that non-retirees who expect to fund their retirement from their own savings are most likely to discuss investment issues and questions with their financial advisor (60%) and then their family or friends (46%). Financial advisors are also the most popular resource for Canadians to discuss the amount of income they can expect in retirement. Over half of non-retirees who will fund their retirement from their own savings (55%) are more likely to first talk about these issues with their financial advisor before their family members or friends (45%).

While many Canadians have a plan for how they are going to accumulate their retirement savings, very few have a plan for where their income will come from once they stop working. Matching last year’s result, only 23% Canadians report that they have a retirement income plan.

On a positive note, most Canadians with a retirement income plan report that their plans consider and plan for possible future heath care expenses, including stays in long-term care facilities, the impact of inflation and the possibility that they will live longer than they average life expectancy.

The 2007-2008 Retirement Survey was conducted by The Strategic Counsel. The survey was conducted online from November 27 to December 10, 2007 among a representative sample of 1000 adult Canadians 45 years and older. In order to participate in the study, respondents were required to be the person in the household with the main responsibility or, shared the responsibility for savings and investing decisions.