40% of retirees would change aspects of their retirement planning if given chance

A recent survey by Canada Life has revealed that 40% of retirees would change aspects of their retirement planning if given the chance.

Key regrets include not saving enough into their pensions and not making earlier lifestyle adjustments to enhance their savings.

Tom Evans, managing director, retirement, at Canada Life, shared insights from the survey: “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.”

He added that many retirees wished they had worked longer, noting that extended employment can significantly boost financial and mental well-being.

“What this research highlights is the need to have a plan and seek advice at the earliest opportunity,” Evans said.