Four common retirement regrets and how to avoid them
26th November 2025
How do you want to spend your retirement? You might be looking forward to having more time to relax or enjoy hobbies, holidays, and time with loved ones.
But achieving your dream retirement may not be as straightforward as you might think. Without a comprehensive retirement plan in place, you could find your savings fall short of your goals.
As a result, you could be setting yourself up for retirement regret later in life. In fact, according to Which?, one in three retirees wish they had approached retirement differently.
You deserve to enjoy your retirement in comfort, free from regret. So, here are four of the most common retirement regrets and what practical steps you can take now to avoid them.
- “I wish I’d saved more into my pension”
When you’re busy making sure your immediate financial needs are met, prioritising pension saving isn’t always easy. In fact, Which? found that almost half of retirees wish they had saved more.
If you start paying into your pension early in your working life, even small, regular contributions could go a long way. Because pension savings are generally invested and accumulate compound returns over time, your fund could grow more when you pay in earlier.
Even if you’re further along in your working life, it’s never too late to start boosting your pension contributions. Here are just a few ways you could help grow your pot further:
- Adjust your lifestyle to prioritise pension savings.
- If your employer will match your workplace pension contributions, take advantage of the full amount on offer.
- If you’re a higher- or additional-rate taxpayer, ensure you claim any tax relief available on your contributions via self-assessment.
When calculating how much you need to save, it’s important to remember that the cost of living is rising with inflation. Pensions UK says a comfortable retirement costs around £43,900 for a single retiree or £60,600 for a couple in 2025. However, these costs are likely to be higher during your retirement.
A Financial Planner can help you calculate how much you could need to save and create a plan to ensure you put enough funds aside to afford the retirement lifestyle you’re hoping for.
Find out about our pension planning and support services.
- “I wish I had retired later”
Choosing when to leave the workforce can have a significant impact on your retirement planning.
The State Pension Age will rise from 66 to 67 between April 2026 and March 2028. However, many people choose to retire earlier, with the Normal Minimum Pension Age (NMPA) due to rise from 55 to 57 from 6th April 2028.
The sooner you retire, the less time you could have to grow your pot and the further your savings may need to stretch. So, whilst retiring a few years earlier can seem appealing, it could result in a lower quality of living throughout your retirement.
In fact, Which? found that 1 in 10 retirees regret retiring too early.
Whilst it is possible to retire early and still enjoy a comfortable lifestyle, this should form part of a comprehensive retirement plan. A Financial Planner can help you calculate how far your savings could stretch and ascertain the optimal year for you to retire – potentially without needing to make lifestyle sacrifices in retirement.
- “I wish I’d considered the cost of later-life care”
According to Carehome.co.uk, residential later-life care costs self-funders an average of £1,298 a week as of October 2025.
It may come as no surprise that half of retirees told Which? they are worried about being able to afford care.
Whilst some funding may be available depending on your needs, you may need to find around £67,496 a year if you require residential care later in life, according to Carehome.co.uk figures.
By considering the cost of care in your retirement plans, you could help protect key assets – such as your home – from being used to fund your care. This could mean needing to set aside much more as you save for retirement or taking out cover for your care costs.
- “I wish I’d started planning earlier”
UK Investor reports that the main retirement regret among over-55s is not starting retirement planning sooner, with one in five saying they should have started earlier.
As discussed, starting pension contributions early can help grow your pot further. Moreover, by creating a retirement plan sooner rather than later, you can clarify your retirement goals and understand how to achieve them.
Additionally, Which? found that 1 in 10 retirees regret not seeking financial advice when planning for retirement.
By working with a Financial Planner, you could define a clear, comprehensive roadmap to help you achieve the retirement lifestyle you’re envisioning. The sooner you get started, the more time you’ll have to save – and if your goals or circumstances change along the way, a Financial Planner can help you revise your plan to meet your evolving needs.
Learn how we can help you with your retirement planning today.
Get in touch
Email us at enquiries@pen-life.co.uk, or call 01904 661140.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
All information is correct at the time of writing and is subject to change in the future.
Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.
A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.
The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.
Workplace pensions are regulated by The Pensions Regulator.
Your pension income could also be affected by the interest rates at the time you take your benefits. The tax implications of pension withdrawals will be based on your individual circumstances, tax legislation, and regulation, which are subject to change in the future.
The Financial Conduct Authority does not regulate tax planning.
Category: Retirement
