Nearly 90% of Canadians are counting on using the Canada Pension Plan/Quebec Pension Plan upon retirement.

An RRSP study from BMO indicates that almost one third will rely on the pension funds 'heavily' despite the fact that the average CPP payout is less than $600 a month.

The survey shows that 88% of respondents plan to use personal savings like RRSPs or tax-free savings accounts to help fund retirement, while 59% expect to get a part-time job to make ends meet. Half of those polled plan on raising cash by selling their homes or other property.

Many are counting on an inheritance (40%) or simply winning a lottery (34%), while 28% expect to get financial assistance from their children or other family members.

Financial advisors from BMO recommend having a diversified retirement nest egg, which can include the CPP, an RRSP, a work pension plan, a tax-free savings account and other forms of savings or income. They also point out that developing a personal retirement strategy is a much better bet than the one in 14 million chance of winning a big lottery prize.