Almost one in five retirees (17 per cent) said they would have increased pension savings while working, and one in ten (12 per cent) would have made lifestyle adjustments while working to save more for their later years.
Nearly one in ten (eight per cent) said they wouldn’t have left work when they did and should have chosen to retire later.
Tom Evans, managing director of 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 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 you keep your plan on track as you navigate through the myriad of investments, generating a replacement income, the tax system and estate planning and inheritance.”