The lack of a financial retirement plan is causing the most uncertainty for Canadians approaching retirement, not necessarily an actual lack of funds, according to a new report released on Wednesday by Toronto-based Royal Bank of Canada’s (RBC) wealth-management arm.

The report, entitled Retiring in Canada, was based on RBC’s sixth annual Retirement Myths and Realities poll released earier this year, which found that 28% of Canadians heading toward retirement do not have a financial plan in place. That number drops to 19% among those who are already retired.

“The baby boomers will create a mass exodus from the workforce in the coming years, but they often don’t know what they actually need financially,” says Tony Maiorino, vice president and head of RBC wealth-planning services, in a statement. “However, despite these concerns, we have found that retirement funds either went further than expected or that retirees were pleasantly surprised by the adequacy of their retirement income.”

A retirement plan is helpful as it defines how retirement funds will help support a post-retirement lifestyle that may include priorities such as charitable donations and travel plans, notes the research, as opposed to simply stating the amount of money that must be saved.

The poll also found that although 79% of baby boomers are optimistic that their money will last during their lifetime, the number jumped up to 91% for retirees.

“This situation can be the result of a number of factors,” the research states. “Many Canadians will be able to live mortgage-free in retirement, while other demands on income may also drop after they stop working, including monthly costs of public transportation, dining out, gasoline, parking expenses and business attire.”

Ipsos Reid conducted the research for this poll, using the online responses of 2,223 adults who were 50 years old or older and had household assets of at least $100,000. The survey was conducted between Mar. 16 and 24.

Editor’s note: Rethinking Retirement, a special feature from the Mid-November 2015 issue of Investment Executive examines such topics as helping single retirees, using insurance-based income products, helping clients manage debt in retirement, planning for longevity and much more.