Baby boomers are happy about everything – except for retirement, according to a new TD Waterhouse poll.

On Wednesday the firm released its TD Waterhouse Boomer Happiness Index, which revealed that only 15% of boomers feel “very well-prepared” for retirement. The Index polled boomers ages 45-64 and found that 87% of boomers say that they are generally happy. But when it comes to retirement 67% say they are worried they won't have enough money.

The problem, it seems, is that most boomers don’t have a financial plan. According to TD’s poll only 34% of boomers have a plan in place for retirement. The Index found a correlation between having a financial plan and happiness levels: 55% of boomers who have a financial plan are happy compared to 31% without, while 37% are relieved versus 22% of those without.

“Most Canadians recognize the importance of planning ahead to ensure that they are financially ready when they stop working,” said Patricia Lovett-Reid, Senior Vice  President, TD Waterhouse, in a statement. “Yet, it's concerning that even as boomers approach retirement age, many still haven't established a comprehensive plan for achieving a financially-secure retirement. Planning, saving and investing for retirement is even more critical now than ever before - we can't afford to ignore it.”

The top three ways planned to fund retirement are: Registered Retirement Savings Plans, Old Age Security and the Canada Pension Plan and company pensions. Meanwhile, 39% of boomers plan to continue working. And 32% say they hope to win the lottery.

What are boomers biggest fears? Keeping healthy and active, maintaining their current standard of  living and running out of money in retirement. “An advisor can help you build sound financial strategies to reduce taxes as well as work to minimize the effects of the market and financial risks throughout your retirement  years, so your money is there when you need it,” said John Tracy, Vice-President, Managed Investments & Wealth Planning, TD Waterhouse, in a statement.

The top three pieces of advice that boomers and pre-boomers recommend for the next generation are: start saving earlier, pay off your mortgage faster and save more money.