Two in five current UK retirees have ‘retirement regrets’

Two in five (40%) current UK retirees would have done something differently in how they approached their retirement, research from Canada Life has found.

The research revealed that 17% of retirees would have increased pension savings while working, while 12% would have made lifestyle adjustments while working to save more for their retirement.

Furthermore, the firm found that 8% of current retirees said they wouldn’t 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.

“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.

“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.”



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