Forty percent of the retired population in the UK have some form of retirement regret, from increasing pension savings while working to making lifestyle adjustments while working to save more for retirement, with nearly one in ten saying they would have retired later than they did, according to a survey by Canada Life.
The assurer asked current retirees if they would do anything differently in how they approached their retirements, and two in five (40%) said they would have done.
Almost one in five retirees (17%) said they would have increased pension savings while working and one in ten (12%) would have made lifestyle adjustments while working to save more for their later years.
Nearly one in ten (8%) said they wouldn’t have left work when they did and should have chosen to retire later.
Commenting on the findings, Tom Evans, managing director, Retirement, at Canada Life said: “As the third chapter of life, retirement should be a positive experience and for many, that is thankfully the case. However, with the benefit of hindsight, there are some valuable lessons for us all to learn from the current generation of retirees. Most regrets centre around money, wishing more was saved, and earlier, and often making choices around lifestyle to allow for that extra cash to go into the pension.
“Many also wished they’d stayed on and worked later, which can have significant positive effects on both financial well-being, and mental health.
“What this research highlights is the need to have a plan and seek advice at the earliest opportunity, to keep a plan on track and to navigate through the myriad of choice around investing, generating a replacement income, the tax system and estate planning and inheritance.”
