40% of current retirees have ‘retirement regrets’

A research found that around one in five retirees would have increased pension savings while working, whilst just more than one in 10 would have made lifestyle adjustments while working to save more for their retirement

Two in five (40 per cent) current UK retirees would have done something differently in how they approached their retirement, according to research from Canada Life.

The research found that around one in five (17 per cent) retirees would have increased pension savings while working, whilst just more than one in 10 (12 per cent) would have made lifestyle adjustments while working to save more for their retirement.

Moreover, the firm found that around one in 10 (8 per cent) current retirees said they would not have left work when they did and should have chosen a later retirement date.

Commenting on the findings, Canada Life managing director retirement, Tom Evans, said: As the third chapter of life, retirement should be a positive experience and for many, that is thankfully the case.

Nevertheless, with the benefit of hindsight, there are some valuable lessons for us all to learn from the current generation of retirees, he said.

Most regrets centre around money, wishing more was saved, and earlier, and often making choices around lifestyle to let that extra cash to go into the pension, he said.

He added: Many also wished they had 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, Evans said.

He added: A regulated adviser will tell you if you are on track, and keep your plan on track as you navigate through the myriad of choice around investing, generating a replacement income, the tax system and estate planning and inheritance.