Almost four in 10 (39 per cent) pensioners have retirement regrets, research from Hargreaves Lansdown has found.

The research revealed that the top regret for retired people was failing to put together a plan early enough (15 per cent).

In addition to this, one in 10 said they regretted not boosting contributions early enough, while 1 per cent said they wished they had taken financial advice.

The research also revealed that 3 per cent of pensioners said they wish they had kept a closer eye on their investments, while a further 3 per cent said they had not understood the different retirement options.

“No-one wants to reach retirement rueing missed opportunities to boost a pension pot, and yet almost four in 10 of us do,” Hargreaves Lansdown head of retirement analysis, Helen Morrissey, said.

“By far the most common regret is not having planned far enough in advance.

“It’s an understandable impulse to put it off when you are struggling in the here and now and retirement seems many years away.

“However, the closer you get to retirement, the less you can do if you find you aren’t on track for the lifestyle you hoped for.

“It’s a similar case with boosting contributions – one in 10 retired people wish they had set aside more for their pensions when they had the chance.”

Morrisey explained that even boosting contributions by relatively small amounts over the years could have a big impact on how much people end up with, arguing that increasing contributions every pay rise, for instance, could have a big impact.

She noted that a lack of understanding around investments and the different retirement options were also highlighted as areas retirees would revisit if they had the chance.

“It’s true that the retirement landscape can feel very complicated, and many may feel they’ve either taken too much risk or not enough when it comes to their investment strategies,” she said.

“The same could be said of the retirement options out there.

“For instance, some may have opted for an annuity for all their income without realising they could have left some of their pension in drawdown.

“Even worse, they may have taken the annuity on offer from their pension company without shopping around for a better income.

“Others may have taken all their tax-free cash at once and put it in the bank rather than having a plan for the money.

“A self-employed person may have found pensions too inflexible and not realised how a Lifetime ISA may have been a better fit for them.”

She suggested that taking the time to plan ahead reduces the risk of “knee-jerk” actions that savers may come to regret.

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