The 4 biggest retirement regrets and how to avoid them

Nearly a third of retirees in a recent Which? survey said they aren’t entirely happy with the way they approached their retirement.

Here, we reveal the four most common regrets – and how to avoid them if you're yet to retire.

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1. Not saving enough

Among the retirees we surveyed, the biggest regret, by some margin, is that they didn’t set aside more money while they were working. Almost half told us they wish they had saved more for their retirement.

What retirees told us

Anthea Bain, 77, from Ely, admits that she never really thought about saving for retirement when she was working, describing this as the 'biggest single regret of my later life'.

Anthea retired in 2018 and realised, to her ‘horror’, that she had only two small occupational pensions and one annuity. She cashed in the two small pensions and says she now lives on her state pension and an ‘annoyingly meagre annuity’, which 'pays me a couple of coffees a month’.

Similarly, Jane Godfrey, from North Wales, had a well-paid job for a pharmaceutical company, putting her in a good position to save for her retirement. However, she didn’t see it as a priority. 

Jane told us: ‘I think back now and wonder where on earth all the money went. It really is quite shocking to me now that I was so unprepared for the future.’

What to consider

Part of the problem is judging how much you’ll need for retirement. In our survey, more than half the people yet to retire said they're not confident that they’re saving enough for retirement. 

The trade body Pensions UK estimates that you’ll need £31,700 a year if living alone, or £43,900 a year for a couple, to afford a ‘moderate’ retirement living standard.

The state pension (worth £11,973 a year at its full level in 2025-26) will go some way towards this, but building up a decent nest egg in private pensions is key.

Keeping track of the value of your pension(s) throughout your career is the best way to avoid any nasty surprises. This can be made easier by combining multiple pots into one scheme, which can also result in lower charges.

If you discover a shortfall in your savings as you approach retirement, boosting your pension contributions can still make a big difference to your eventual income. 

• Find out more: how much will I need to retire?

2. Retiring too early (or late)

The average age at which people stop working is currently around 65, but the right time for you will depend on your circumstances.

Around one in 10 people in our survey told us they felt they stopped work too early, while half as many said they felt they had retired too late.

What retirees told us

Rosemary Wylie, 70, from Bury St Edmunds, stopped full-time employment in her 50s. She would have liked to continue for longer but struggled to find work as she got older and moved out of London.

She told us: ‘Looking back now, trying to do this at 50 years old was probably naive and I really should have seen that employment opportunities would not be as forthcoming as I had hoped.’

Rosemary added: ‘While the additional money in retirement would have been appreciated, my biggest regret is the feeling that I had more in me that I did not fully develop.’

Meanwhile, some Which? members said they wished they had stopped working sooner, but were held back by uncertainty about whether they were in a strong enough financial position to do so. 

What to consider

You can access private pensions from the age of 55 (rising to 57 from 2028), but the longer you leave this money untouched, the longer it will have to grow. 

If you decide to return to work after retiring, you’ll still be able to pay into a pension and benefit from tax relief.

If you keep working past state pension age (currently 66), you’ll no longer have to pay National Insurance contributions.

• Find out more: when can I retire?

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3. Not planning earlier

According to recent research by the Financial Conduct Authority, nearly a third of people admit they haven’t thought about how they’d manage financially in retirement. 

Among retirees in our survey, one in seven said they regret not planning earlier, and one in 10 said they regret not taking financial advice when planning their retirement.

What retirees told us

Robert Kendall, 67, from the West Midlands, told us he feels lucky that his varied career in the public sector has allowed him to build up decent pension provision, but he’s concerned that future workers are less likely to be in this position. 

He said: ‘I really do think that wages, pensions and retirement need to be covered in the later stages of secondary education at the very least.’

Planning for retirement isn’t just about saving as much money as possible – many people are caught off guard by the emotional and psychological effects of leaving work. 

These include Ray Bell from Bristol, who explained: ‘There were no classes on preparing for retirement, managing money on a fixed budget, how to link into volunteering or community groups. I am still not sure I have found my identity or purpose in the 18 months since retiring.’

What to consider

A recurring theme among retirees we surveyed was the financial burden of unexpected expenses, such as house or car repairs. Almost a third of retirees agreed that this had made their finances in retirement more difficult.

The way you wish to spend your time and money will vary over the course of your retirement, which could potentially span several decades. Think about how you’ll both cover unexpected costs in the short term and maximise remaining savings to ensure they last as long as they need to.

• Find out more: how long does my pension need to last?

4. Not preparing for the cost of care

The prospect of having to pay for later-life care looms large for retirees. Half the respondents in our survey said they were concerned that they won’t be able to afford to pay for care if it’s required in the future.

These financial fears are understandable. Figures from healthcare research firm LaingBuisson show that care home fees now average nearly £1,400 a week, while one in seven nursing homes charge more than £1,800 a week.

What retirees told us

Having survived cancer in his 50s, Harry Barker, 74, from East Lothian, has thought a lot about the possibility of needing care in future – but he says there is ‘no way’ he could afford the fees. 

Although Harry and his wife are relatively comfortable, they’re clear that their savings wouldn’t be able to stretch to cover substantial care fees. Harry said: ‘We are both in our mid-70s. I know that if either of us needs to go into a care home for whatever reason, ultimately the house value will be largely or totally eaten up by fees.’

What to consider

More than half of care home residents have their care costs at least partially covered by their local council. 

The NHS can also help with care funding. Unlike council funding, this doesn’t take your finances into account, but it's available only to those with the most complex medical needs. 

If you’re already receiving care and want peace of mind that future fees will be covered, consider an immediate needs annuity. You pay a lump sum to the insurer, which will make a monthly payment to your care provider for the rest of your life. This payment can either be a fixed amount or increase each year.

• Find out more: care home costs

Our research: In May 2025, we surveyed 1,188 retired and semi-retired Which? members.