The Upside: Inside the 2026 Retirement Report: Key Insights for Investors with Michelle Munro - June 8, 2026

 

 

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Subtitles are AI-Generated.

 

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Hello and welcome to The Upside, I'm your host, Emily Anonuevo.

 

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The retirement landscape for Canadians is changing.

 

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Questions like what age to retire, how to save for retirement, and even if

 

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working in retirement is possible are all questions Fidelity's retirement

 

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report dives into year after year.

 

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Retirement is becoming more complex with more things to consider and while some

 

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groups like pre-retirees are feeling more challenged than others, financial

 

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planning remains the biggest differentiator Fidelity sees in its survey.

 

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Joining me in studio now to highlight key trends and takeaways from this year's

 

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Retirement Report is Director of Tax and Retirement Research, Michelle Munro.

 

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Welcome, Michelle. Great to be here. Thanks for having me, Emily.

 

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Wonderful to have you here.

 

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Another year, another annual Retirement report.

 

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Hot off the presses right here. Hot off presses.

 

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Here, we have a printout of it, it's our annual retirement survey.

 

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Expand on it. Tell me what the retirement survey is all about

 

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who is surveyed and what themes are

 

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So Fidelity has been surveying Canadians on retirement

 

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for 21 years.

 

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So we look coast-to-coast Canadians, we've focused on pre-retirees

 

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who are 45 and older as well as retirees.

 

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So we're looking for behaviours, perspectives, trends,

 

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and because we've been doing it for so long we can see longitudinal insights as

 

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well we can weave in some questions to really get a feeling of how are

 

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Canadians feeling.

 

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Today. Absolutely. Let's get straight into it.

 

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What are some key findings and trends from this year's report, Michelle?

 

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Well, there's a lot of things, so

 

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let's talk, we have AI, we have the media reel

 

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is going around constantly, thinking about government programmes,

 

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CPP, old age security, decumulation.

 

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Start off with AI first.

 

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That was an interesting question that more, is it pre-retirees

 

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are looking to AI to help with their financial planning?

 

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Yes.

 

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So we found more pre-retirees than retirees, but pre- retirees are

 

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about 26%. Had used AI in the last year, retirees

 

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about 11%. I thought that was a bit of a

 

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low percentage actually, but also focusing that our

 

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pre- Retirees started age 45.

 

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So if we had started, if our scope was 35,

 

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25, I think that percentage would be up.

 

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So we looked at that and we sort of asked them all.

 

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Do you rely on it?

 

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Well, have you used it? Yes. What are we using it for?

 

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Well looking about financial markets How do you understand the the

 

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media reel? How much do I need in retirement?

 

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There's a whole plethora of things when it comes to finances

 

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Then we ask well, do you how confident do you feel?

 

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This is important stuff and the answer by and large is not super

 

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confident And then do you act on it

 

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and the answer is no. Few Canadians are acting on it.

 

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Financial advisors continue to be their most trusted source.

 

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When it comes to financial planning.

 

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Now as we know, Michelle, Canadians are battling a lot in this current market

 

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environment. Inflation, higher interest rates.

 

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How is that all impacting retirement plans for Canadians in

 

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general? Well, we looked at big picture.

 

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Thinking about the outlook when it comes to retirement and

 

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what we see is that the newsreel is having an impact where people are feeling

 

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less positive, particularly pre-retirees

 

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are feeling that positive and when we looked in the pre- retiree group

 

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women are even feeling less positive.

 

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So thinking about well the the newsreels does have an impact

 

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on Canadians are feeling, like that optimism.

 

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When it comes to retirement planning, it does have an impact,

 

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but we also found that the elixir, if you

 

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will, is having a written financial plan.

 

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There you go. Those who have a written plan feel more positive,

 

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so the things that are happening, what's going on with the economy,

 

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geopolitical, inflation, etc.,

 

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feeling more positive as you get those newsreels is

 

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really... Having that written financial plan helps with that.

 

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And I know year after year in the report, that positive outlook

 

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on retirement coupled with the written financial plan, higher

 

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and higher in those percentages.

 

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Let's get to it, Michelle, what is involved in a written financial plan?

 

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Okay, so thinking about a written

 

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financial plan and everybody's different but some of

 

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the key components are thinking about what does retirement look like for you

 

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like do you want to travel?

 

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Second hole.

 

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Vacation home.

 

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So travel is the number one answer but even within that you're thinking okay

 

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well what does travel look like?

 

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Is it something economical?

 

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Maybe car driving across Canada?

 

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Maybe it's multiple high-end

 

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luxury trips.

 

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So thinking what I'm going into this detail is because how much do you

 

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plan and spending in your retirement is a huge key.

 

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Okay. And then thinking about, well, what are the different income

 

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sources to help cover that?

 

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Well, you have government sources, maybe you have some workplace sources,

 

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and then your personal savings, which also leads into, and

 

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this is where people really focus on, how much do I need in retirement?

 

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What does that nest egg number look like?

 

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Well, it really depends how much you're going to spend in retirement.

 

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How long are you going to live, as well as what are your

 

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other income sources. So there's a lot of things to be thinking about, but

 

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those.

 

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The most common ones. Absolutely and what I found really interesting in this

 

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year's report is the focus on decumulation.

 

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So we talk a lot about different streams of income in your retirement

 

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and as the years go on you're accumulating that income

 

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hopefully. But there was a few questions on decimulation and

 

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the strategies around that. If you can expand on Right.

 

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Exactly, so we as an industry have focused so much on saving and investing.

 

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If you work for, say, 40 years, it's a real long game.

 

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And then you move into retirement, and now you have saved in your

 

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RRSP, you saved in your TFSA, and we use all these

 

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acronyms, maybe you're a non-registered account.

 

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So now, where do you pull from first,

 

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in a sustainable way, a tax-efficient way,

 

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with the... Trying to improve the longevity of that

 

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nest egg. So it will last for the entirety of your retirement.

 

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Absolutely. Going back to the written financial plan,

 

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I want you to expand on just the value of advice.

 

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And we've talked about this in previous Upside Shows, and I know it's talked

 

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about in the report, the value of sticking with a financial advisor and

 

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revisiting your plan at every chapter and big transition in your

 

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life. Explain the importance of that.

 

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So, life happens.

 

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Right. In addition to the newsreel that we talked about, just life happens.

 

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People get married, people have children, buy homes, maybe buy a second

 

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home, vacations, what have you.

 

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And you want to fund your life as well as

 

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planning for retirement.

 

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So how do you do all of those things?

 

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Well, it comes down to having a written financial plan, working with a

 

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financial advisor.

 

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We say financial advisor, but it's really a coach.

 

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Because it's instructional.

 

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Save here, invest in this, X amount from each

 

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paycheck, whatever.

 

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But it's also because life happens, bumps happen along

 

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the way, and sticking to that plan,

 

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that's where, and whether or not that plan is from your own life,

 

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or maybe it's the newsreel that's happening, sticking to the plan

 

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is where you'll really reap the rewards, and

 

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really. Getting through all those bumps.

 

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In life. Michelle, it seems like the journey from pre-retiree to

 

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retiree in the past has looked like, let's say for my parents'

 

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generation, working for one company for 30-plus years, then retiring,

 

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then getting their pension and off they go.

 

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Is that still the case or is that changing now?

 

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A lot to unpack here.

 

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So the short answer is no.

 

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It does not look like that anymore.

 

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First of all, pre-retirees often work for different companies responsible

 

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more for their own retirement savings.

 

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What we also see is that pre- retirees are now saying, oh, looking

 

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for a later retirement date.

 

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Then the other trend that we're seeing is that it's more of a phased-in

 

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approach, where somebody will retire from their primary profession

 

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not quite ready for that retirement full-time

 

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option. So what we're seeing more of a phased-in or gradual

 

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approach where someone will work part-time, maybe be

 

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self-employed, okay?

 

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So having that more control, and I think one of the reasons behind that

 

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is because we've had the opportunity to work from

 

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home, more flexible work options.

 

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So that's really seen an increase of those people who,

 

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all the synergies really align for those who want to have more of a gradual

 

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phase in approach to retirement.

 

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So they're able to do that.

 

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More and more. Now, Michelle, you've been part of the retirement team here at

 

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Fidelity for many years. You've seen this report and this survey go through

 

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many evolutions. What major trends have stood out to

 

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you in this year's report?

 

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Well,

 

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There's been quite a few things.

 

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So thinking about, we talked about decumulation, because I think as an industry

 

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we focus so much on the saving,

 

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accumulating. So how do we decumulate that?

 

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And so helping Canadians think about and plan for

 

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living in retirement, working with a financial advisor,

 

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having that written financial plan, that is setting them up for

 

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success.

 

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What stood out to me was that pre-retirees, not

 

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as positive of an outlook on retirement, but there was a

 

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phrase where when they are actually transitioning to retirement and living it

 

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instead of imagining it, there's an even more positive outlook

 

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on it. Yes.

 

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So when we looked at just the overall outlook on retirement,

 

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pre-retirees felt less positive than retirees.

 

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So as the pre- retirees become retirees,

 

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I expect that they'll become more positive.

 

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For people who are living in retirement just feel more positive.

 

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Michelle, how can investors take this report and help them through their

 

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retirement planning?

 

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So we talked about everybody's retirement journey

 

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is there's going to be some slight differences But

 

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that's where there's really something for everybody in their

 

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retirement report Whether you're planning for retirement if it's decades

 

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away, or it's just a few years away or you're into retirement

 

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What does that look like things that you're thinking about?

 

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Concerns that you might have and and how you can

 

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really... You're not alone in this journey,

 

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because other Canadians are going through it, working with a financial advisor.

 

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As well as Fidelity, we're here sharing their insights in a report,

 

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plus on Fidelity.ca.

 

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There is a plethora of articles that

 

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really get into...

 

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Some of the details that we touch upon in the report.

 

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And to branch off of that, why do financial advisors and planners seek

 

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the Fidelity retirement report year after year?

 

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What are they getting out of it?

 

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And I think it's just they're getting the key insights to really help them

 

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think about and plan for retirement.

 

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Absolutely. And just overall, Michelle, the key takeaways from

 

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this year's Fidelity Retirement Report, what can investors take

 

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from it?

 

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So the importance of having a written plan.

 

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It will help you feel better prepared financially, but also

 

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emotionally, socially, and physically, which are four pillars

 

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of overall well-being, which comes from having a rich

 

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and financial plan. And those who have those written financial plans, well,

 

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they're more likely to have worked with an advisor, as well as they're more

 

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likely feel more positive as the negative newsreel keeps

 

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on coming. As as well as being sticking to their plan.

 

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For their own retirement success.

 

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Absolutely. Michelle, thank you so much for visiting us today.

 

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Congratulations on all the work on the retirement report this year.

 

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And thanks for your time. Thank you.

 

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And thank you for tuning into this special episode of The Upside as we

 

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uncovered key trends from this year's retirement survey.

 

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To learn more about Fidelity's annual retirement report, just visit

 

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Fidelity.ca. And for more investor content, be sure to subscribe to Fidelity

 

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Canada's YouTube channel.

 

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Thanks for watching and we'll see you next time.

 

13:50.062 --> 13:54.466

Thanks for listening to, or watching, Fidelity Canada's The Upside podcast.

 

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Subscribe on your podcast platform of choice so you don't miss an episode.

 

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If you like what you're hearing please leave a review or a five-star rating.

 

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Fidelity mutual funds and ETFs are available by working with a financial

 

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advisor or through an online brokerage account.

 

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Visit fidelity.ca/howtobuy for more information.

 

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While on fidelity.ca you can also find more information on future live

 

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webcasts. Don't forget to follow Fidelity Canada on LinkedIn, YouTube,

 

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Instagram, or X. We'll wrap things up today with a quick disclaimer.

 

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The views and opinions expressed on this podcast are those of the participants

 

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and do not necessarily reflect those of Fidelity Investments Canada ULC or

 

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its affiliates. This podcast is for informational purposes only and should

 

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not be construed as investment, tax or legal advice.

 

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It is not an offer to sell or buy or an endorsement, recommendation or

 

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sponsorship of any entity or security cited.

 

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Read a fund's prospectus before investing.

 

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Funds are not guaranteed.

 

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Their values change frequently and past performance may not be repeated.

 

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Fees, expenses and commissions are all associated with fund investments.

 

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Thanks for tuning in. We'll see you next time.

 

21:03.462 --> 21:09.268

Subtitles are AI-Generated.

 

34:53.524 --> 34:57.929

Thanks for listening to, or watching, Fidelity Canada's The Upside podcast.

 

34:57.929 --> 35:01.866

Subscribe on your podcast platform of choice so you don't miss an episode.

 

35:01.866 --> 35:05.570

If you like what you're hearing please leave a review or a five-star rating.

 

35:05.570 --> 35:08.840

Fidelity mutual funds and ETFs are available by working with a financial

 

35:08.840 --> 35:11.742

advisor or through an online brokerage account.

 

35:11.742 --> 35:15.346

Visit fidelity.ca/howtobuy for more information.

 

35:15.346 --> 35:18.783

While on fidelity.ca you can also find more information on future live

 

35:18.783 --> 35:22.720

webcasts. Don't forget to follow Fidelity Canada on LinkedIn, YouTube,

 

35:22.720 --> 35:26.958

Instagram, or X. We'll wrap things up today with a quick disclaimer.

 

35:26.958 --> 35:30.261

The views and opinions expressed on this podcast are those of the participants

 

35:30.261 --> 35:34.599

and do not necessarily reflect those of Fidelity Investments Canada ULC or

 

35:34.599 --> 35:38.636

its affiliates. This podcast is for informational purposes only and should

 

35:38.636 --> 35:41.739

not be construed as investment, tax or legal advice.

 

35:41.739 --> 35:45.176

It is not an offer to sell or buy or an endorsement, recommendation or

 

35:45.176 --> 35:48.179

sponsorship of any entity or security cited.

 

35:48.179 --> 35:49.881

Read a fund's prospectus before investing.

 

35:49.881 --> 35:51.749

Funds are not guaranteed.

 

35:51.749 --> 35:55.319

Their values change frequently and past performance may not be repeated.

 

35:55.319 --> 35:59.524

Fees, expenses and commissions are all associated with fund investments.

 

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Thanks for tuning in. We'll see you next time.