If you could wind the clock back, what would you have done differently when it comes to preparing for retirement?

A new survey of 2,000 UK adults aged over 50, with assets of more than £50,000 including property and pensions, has revealed some fascinating facts.

Despite retirement looming in the near to middle distance, only just over half (53%) of those surveyed by the London Institute of Banking & Finance and Seven Investment Management (7IM) said they feel “well prepared” for it.

That probably helps to explain why four out of ten (38%) worry about retirement.

However, it would take a large pension pot or a windfall of over £500,000 for many to consider taking professional financial advice.

Of those who are reluctant to pay for professional advice, 47% consider that they know enough to look after their own money and just over a quarter (28%) say they don’t have enough saved to justify an adviser.

One in five questioned (19%) say that – regardless of the size of their savings – they would never consider getting financial advice.

So, what are the biggest saver regrets?

Nearly half (48%) still in the pre-retirement stage recognise that they do need to save more. And, given their time over again: 58% would have started saving for their retirement earlier, 33% would have got on the property ladder sooner; and 30% would have spent less.

Nearly a quarter (24%) would have given their children more financial support.

Perhaps the most telling statistic is that over a third (34%) of pre-retirees said they will be working longer than they had hoped when they began work – on average more than seven years longer.

Peter Hahn, dean at The London Institute of Banking & Finance, said: “Statistically a 50-year old Briton is expected to live to age 81, so most will have to fund a minimum of 14 years in retirement.

“That means having a long-term investment strategy with less inflation-exposed cash – a balance many may not be confident about. So, while over-50s say they feel well prepared, these findings suggest a poor understanding of long-term risk and reward, risking poorer retirements.”

Your next step…

You can find out how well YOU are prepared for retirement by feeding in your assets and outgoings into a RetireEasy LifePlan. That will tell you just how much you can comfortably spend in retirement – and whether or not you need to save more or retire later.