While 39% of Canada’s baby boomer generation agree retirement planning should begin when people enter the workplace, only 9% actually thought about their retirement when they entered the workforce, according to a new study from Bank of Nova Scotia.

“While boomers feel they should be thinking about retirement as soon as they start working, in reality most do not think seriously about retirement until five years before the anticipated event or about 10 years before retirement,” says Andrew Pyle, senior wealth advisor for ScotiaMcLeod.

The study found that Boomers’ top triggers to start thinking about retirement are when they have enough money (42%), when their pension begins (16%), and health reasons (10%).

According to the study, more than half of boomers who haven’t retired yet (55%) agreed that “not having enough money saved up to retire comfortably” could result in delays in when they decide to retire.

This uncertainty stems partly from ignorance. The study found that nearly one-third (31%) of boomers don’t know what percentage of pre-retirement income they’ll need, and just over one-quarter (28%) will be carrying some form of debt into their retirement.

The study results suggest that working in retirement is common among boomers, with 40% of retirees working past retirement, 84% of which are working part-time.

According to the study, the top reasons retirees are working in retirement are to remain mentally active 76%; for social interaction 61%; followed by financial necessity 39%.

“When it comes to working longer, it’s encouraging to see that people are doing so because they want to, as much as they financially need to,” says Lisa Ritchie, Scotiabank’s senior vice president of customer knowledge and insights. “The good news is that it’s never too late to start saving for retirement.

For this survey, TNS Canada conducted online interviews among 1,201 Canadians who are 45 to 70 years of age. All respondents had a minimum of $50,000 in investible assets, and have sole or shared responsibility for household financial decisions. Among those surveyed, 37% are retired and 63% are not retired. The data was weighted to be to represent the general population based on age, gender, and region. The survey was conducted from January 8 to 23.