Two in five retirees have retirement regrets

8th May 2024

Two in five (40%) of the retired population in the UK have some form of retirement regret according to research by Canada Life.

Canada Life 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.

Retirement regrets includes not increasing pension savings while working (17%) or making lifestyle adjustments while working to save more for retirement (12%).

Nearly one in ten (8%) said they wouldn’t have left work when they did and should have chosen to retire late

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. 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.”