The vast majority of Canadians hold RSPs, but very few have real retirement plans, according to a poll released today.

The 2008 TD Waterhouse RSP Investor Poll shows that 87% of adult Canadians invest in retirement savings plans, but only 14% have outlined specific financial goals and how they plan to achieve them.

Meanwhile, Canadians’ level of confidence that they will be able to retire comfortably has also significantly declined, with 73% of those polled saying they are at least “somewhat confident” compared with 84% who said that a year earlier.

“An RSP is the cornerstone of saving for retirement, but it shouldn’t be confused with a retirement plan,” says Patricia Lovett-Reid, senior vice-president, TD Waterhouse, in a release. “There’s a growing focus on the changing face of retirement – how people are living longer, more active lives and expecting more from this stage of their lives, but there’s not enough serious goal-setting or discussion about how one’s retirement will unfold.”

Although those closer to retirement – aged 50 to 69 – are more likely than their younger counterparts to have a written retirement plan, it’s still a relatively low number who do, at 18%, according to TD Waterhouse.

TD Waterhouse cites research from the Canadian Institutes of Health Research (CIHR), showing there will be 6.7 million Canadians over age 65 by 2021, and by 2031 a quarter of the population will be over 65. Canadians also have one of the highest life expectancies in the world.

This poll’s results support the increasing popular portrait of the active retiree—travel, new hobbies, grandchildren and caring for elderly parents were all mentioned as part of retirement plans.

“The implication is that one’s retirement plan must be sophisticated enough to allow for e varying income needs – and that is why it is so important to consult with a financial professional to ensure this financial flexibility is built in,” said Lovett-Reid.

A little more than half of respondents made an educated guess as to how much money they would need to retire comfortably—$727,000 was the average amount given. However, there is a huge gender gap between responses, with men figuring they’d need more money than women did.

There is also a wide variation among regions and ages groups regarding how much is needed to retire comfortably. BC residents feel they need 90% more money than Quebecers. Canadians under the age of 34 believe they need $933,000, while those between 50 and 69 feel they need about half that amount $477,000.

Almost two-thirds of respondents plan to retire at or before age 65.

According to the TD poll, most Canadians say they will rely on personal savings and RSPs in retirement, while just over half mentioned government administered sources of income, such as the CPP or Old Age Security. Of those, younger investors are much more likely to count on their own savings and RSPs, rather than government sources.

“The profound demographic shift taking place in Canada is forcing many of us to rethink how we plan and prepare for retirement,” concludes Lovett-Reid. “Still, the gap between aspiration and preparation continues to be wide. Most people want to retire fully at or before age 65. Yet this year’s poll shows Canadians are becoming less confident in their ability to retire comfortably, and very few have taken the step of developing a formal plan.”