Britons are being urged to avoid having “retirement regrets” as they edge closer to pension age.
This comes following the revelation that pensioners face a £119,000 shortfall in retirement savings and a “reduced standard of living”, according to a report from Standard Life.
Pensioners are averaging only £131,000 in their retirement savings, the insurance company found.
However, this represents a deficit of £119,000 for those who are preparing to retire with around £250,000.
This figure is cited by Standard Life as being the amount the average Britons hopes to have saved in retirement.
In a survey conducted by Canada Life, current retirees were asked if they would do anything differently in how they prepared for retirement.
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Pensioners are facing an over £100,000 shortfall in retirement savings from what they expected
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Around two in five, 40 per cent, of those polled admitted they would have approached pension planning differently.
Some 17 per cent, nearly one in five retirees, said they would have raised pension savings while still working.
Furthermore, one in ten of those surveyed (12 per cent) shared they would have made lifestyle adjustments to save more for their later years.
Notably, eight per cent of current retirees said they would not have left work when they did and wished they had retired later.
Pensioners appear to be considerably concerned about the amount they have saved for retirement as more of them fall victim to fiscal drag.
Chancellor Jeremy Hunt’s decision to freeze tax allowances while wages and pensions rise are resulting in older Britons paying more to HM Revenue and Customs (HMRC).
Tom Evans, the managing director of Retirement at Canada Life, outlined what these findings suggest about how British pensioners feel.
He explained: “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.
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GETTYThe retirement expert called on Britons to take action “at the earliest opportunity” to avoid having regrets.
Evans added: “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.”