Around 40 per cent of UK retirees have some form of retirement regret and would have approached their retirements differently, according to Canada Life.
In a survey conducted by Canada Life, one in ten retirees, or 12 per cent, stated they would have changed their lifestyle while working to save more for their later years. Almost one in five, or 17 per cent, said they would have boosted their pension funds while they were employed.
Meanwhile, around 8 per cent of respondents stated they would have preferred to have retired later and wouldn’t have quit their jobs at the time they did.
Canada Life managing director, retirement Tom Evans says: “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 wellbeing, and mental health.
“What this research highlights is the need to have a plan and seek advice at the earliest opportunity. A regulated adviser will tell you if you are on track, and keep you 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.”