When it comes to planning for your retirement, you only get one shot. For this reason, it can be an invaluable lesson to learn more about what others wish that they had done in regards to their pensions. Below we list the top three regrets that retired individuals have about their pension planning.
1. Many wished they had saved more money
Coming in first on this list, you guessed it: many pensioners wished that they had saved more money for their golden years. In a survey conducted in March 2016 by Nationwide Building Society Savings, 31 % of those asked said that they wished that they had saved more money before retiring.
2. They regretted not having a smarter plan for their finances
Sure, setting aside more money for retirement is a good idea – but you need to do more than just pop it in a savings account and hope for the best. Many retirees wish that they had been savvier with their investments and savings. Avoid this by utilising the skills and services of an independent regulated financial adviser working with a specialist administration and trustee company with experience in pensions.
3. They wished they had cleared down more of their debt
Akin to wishing they had saved more money, many individuals regretted carrying debt into their retirement years. The same Nationwide Study cited above showed that retirees carry an “average of £31,504 worth of debt, including mortgages, credit cards, overdrafts and personal loans.” Ideally, you want to reach your senior life with a zero balance on credit cards and your mortgage, as debt can truly cut into your lifestyle and quality of life. A qualified regulated independent financial planner can help.
Do you want to avoid these common pension pitfalls?
First stop is to talk to an independent financial adviser.
Options Pensions UK does not provide advice, but can provide information about the pension scheme rules and regulations, including workplace pensions, so if you need information please contact us on enquiries@careypensions.co.uk