While more than half (58 per cent) of employees within 10 years of retirement are contributing to retirement savings, only about a third (30 per cent) have established a thorough financial plan, according to a new survey by Age Wave and Edward Jones Canada.

The survey, which polled more than 1,000 Canadians aged 45 or older who were retired or within 10 years of retirement, only a third (33 per cent) of retirees said they’re in great shape financially. On average, retirees started saving at age 37 but wished they had started saving at age 28.

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A fifth (21 per cent) of retirees and pre-retirees said retirement begins when they achieve financial independence, while only nine per cent of respondents said retirement begins at a certain age.

Among respondents who are two years into their retirement, half said they’re worried they’ll outlive their savings and 55 per cent of those three to 14 years into retirement have taken action to be more financially comfortable, such as downsizing or taking a part-time job.