The prospect of insufficient retirement income keeps most Canadians up at night. But the third annual RBC Retirement Myths and Realities Poll reveals the majority of boomers can’t wait to retire.

The online survey noted 71% said they were looking forward to spending their time as they wish in retirement.

On a less rosy note, though, 42% of those yet to retire expect difficulty in managing cash flow in retirement, while another 37% are worried they do not have enough money to support the lifestyle they envision.

“It’s understandable to have concerns about money management in retirement and that’s where planning can help alleviate this anxiety,” said Amalia Costa, head, retirement strategies, RBC.

Only 52% of those expecting to retire within a year have a detailed budget as part of a financial plan. Further, the study found retired boomers require a higher percentage (60%) of their annual pre-retirement income, up from 56% in 2011 and 2010.

When clients won’t be retiring for several years, the primary focus is growing savings. But when the actual retirement date nears, you need to make sure they are specific on two fronts, says Costa.

“First, you need to understand what your spending will be in this new phase of your life, including how much of this is for living expenses and how much is for more flexible lifestyle expenses,” she said. “Then, you need to figure out how to most effectively use those accumulated savings, along with your other retirement resources to create a new pay cheque for yourself – one that aligns to your spending requirements.”

The poll results show only half of those within a year of retirement have created a detailed budget. That’s where advisors come in. Your role is to create less anxiety and more enjoyment for clients in retirement.