A report by the Institute for Research on Public Policy takes a darker view of the adequacy of post-retirement incomes than some other high-profile reports.
One of Canada's big banking groups says rules for federal retirement savings plans should be changed to give people more control over their pensions.
BMO Financial Group recommends the removal of age restrictions be on registered retirement savings plans, also known as RRSPs, and reduced tax rates for RRIFs, which are registered retirement income funds.
BMO said that Canadians should no longer be forced to convert their RRSPs when they turn 71, and should instead have the choice of when they begin withdrawing the money.
RRIFs are currently one of the main options for retirees after age 71 because they provide for a phased withdrawal of their tax-sheltered savings.
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The difficulty with RRIFs is that they must be emptied by a certain age, sometimes resulting in income surges that put the retiree into a high tax bracket.
The banks says RRIFs should only be taxed at a lower rate that "mimics" what might have been paid if the investments had been outside a registered plan.
"BMO's view is that the personal savings component cannot be ignored when looking at how we can improve the current pension regime," said Tina Di Vito, head of the BMO's retirement institute.
"We believe an approach based on the principle that individuals should have the flexibility to take control of their retirement savings will benefit Canadians and have an immediate positive impact on baby-boomers on the verge of retirement."
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Other recommendations included boosting the maximum contribution limit for RRSP so that they're more comparable to defined benefit pensions and also offer a chance for all Canadians to save equally for their retirement.
"By implementing these recommendations, Canadians of all ages and life stages will benefit from a more flexible system that will provide them with more control of their retirement," said Di Vito.
"We believe these proposals, if adopted, would make for a healthier and more tax-efficient pension regime."