Nearly half of over 50s regret not saving into their pension sooner

(3 minutes to read)

Aviva: ‘Hindsight is a wonderful thing and life in your 20s and 30s can often take over, with children to raise, debts to pay and holidays to be had’.

With 49% of those over 50 regretting not saving into their pension sooner, another 64% wish they’d contributed more into their retirement savings.

The Aviva report revealed that 26% of those surveyed only started paying into their pension after they turned 30, with 51% saying this was mainly due to not being financially stable enough to do so.

Many of those surveyed said that they prioritised raising children (42%) and paying off their mortgages (40%) over putting money into their pensions. However, a third said they put leisure/holidays (32%), clothing (21%) and their pets (10%) before any retirement funds.

 Alistair McQueen, Head of Savings and Retirement at Aviva says, “Pensions are more important to more of us than ever before. Automatic enrolment has brought pension savings to millions, but this was only introduced a decade ago and for many, especially those over the age of 50, it is perhaps too little, too late.

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“Hindsight is a wonderful thing and life in your 20s and 30s can often take over, with children to raise, debts to pay and holidays to be had. However, it’s important to take stock of your financial situation early. You may not think you have enough spare cash, or that you have years until you retire, but as we found with our survey, most people over the age of fifty (64%) wished that they had paid more into their pension pot, sooner.

“It’s also important that people are realistic about how much they might need to live on in retirement. With more people continuing to pay rent or mortgages after they finish working, it is unlikely that an income of between £10,000 – £20,000 per year will be sufficient to have a ‘comfortable’ lifestyle. To avoid sleepwalking into retirement it’s important to understand how much you have in your pension, what that money might look like as retirement income and how long you might need that money to last.”

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