Mortgage debt, inflation and geopolitics are reshaping how Canadians plan for retirement
Just 18 percent of retirees and 8 percent of pre-retirees have a detailed decumulation plan, even as inflation, geopolitical uncertainty and AI reshape the retirement landscape.
The Fidelity Investments Canada's 21st annual Retirement report found that most retirees are withdrawing savings on an as-needed basis rather than following a structured strategy.
"Saving is only half the equation," said Michelle Munro, director of tax and retirement research at Fidelity, adding that how Canadians turn savings into income matters just as much.
A clear withdrawal plan, she said, helps Canadians avoid costly missteps and sustain savings throughout retirement.
Canadians with both a financial advisor and a written plan reported markedly better retirement outlooks: 86 percent of pre-retirees and 90 percent of retirees in that group felt positive about retirement, compared to 53 percent and 76 percent respectively among those without advice or a plan.
Those working with an advisor were also more likely to feel closer to achieving their financial goals (51 percent versus 33 percent) and more optimistic about future investment growth (52 percent versus 31 percent).
Inflation remained the top retirement concern at 80 percent, followed by political turmoil and economic growth, each cited by 60 percent of respondents.
Geopolitical anxiety is shifting asset allocation: 31 percent of pre-retirees and 34 percent of retirees who cited political turmoil said they had moved at least some holdings into more conservative instruments such as GICs, bonds and cash.
Mortgage debt is also a factor, with 51 percent of pre-retirees and 22 percent of retirees still carrying a mortgage, and most not expecting to pay it off within a decade.
Twenty-six percent of pre-retirees and 11 percent of retirees are using AI for financial planning, most commonly for information on investments (36 percent), tax (29 percent) and budgeting (27 percent).
Yet 65 percent of AI users said they were only "somewhat confident" in the information they received, and just 5 percent named AI their most trusted financial source.
By contrast, 88 percent of those working with a financial advisor named them their most trusted source.
Separately, 83 percent of financial advisors said they expect to increase their own AI use in 2026, according to a Fidelity Advisor Pulse Poll conducted in December 2025.
The survey covered 2,000 Canadians with a median age of 62 and carries a margin of error of plus or minus 2.31 percentage points, 19 times out of 20.
