The latest Aviva Real Retirement Report highlights the importance of planning ahead for the future, with retirees viewing financial stability as a key ingredient for a happy retirement.
According to the study, having enough money to live comfortably is the second most important factor when it comes to being happy in later life, second only to having good health.
This view is further compounded by the fact that 51% of over-55s say that the main benefit of being financially stable in later life is that it means they can have a stress-free retirement, with reduced money worries and financial freedom ensuring they can enjoy their golden years at their best.
If there's one piece of advice that retirees would give their younger selves, it's to start planning earlier.
One in five over-55s wish that they'd taken more time to plan ahead and would have managed their finances differently, with 50% of all retirees feeling they should have saved more on a monthly basis.
Forty percent would have made better use of savings products such as ISAs while 39% would recommend taking out a workplace pension and 35% would take out a personal one, with a similar percentage of each advising their younger selves to start contributing to them earlier.
The impact of lower interest rates has had a marked impact with older people being able to rely less and less on savings as a source of income, making forward planning even more prudent.
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