Asked whether retirees would do anything differently, 32% said they’re leading a lifestyle less comfortable in retirement than when they were working, and they feel decisions made both before and after retirement have had an impact on their quality of life.

Common regrets include not saving enough, not starting to save early enough and not setting a retirement budget.

Research from pension saving site Prudential found that some retirees regretted overestimating the value of their State Pension and not taking financial advice.

The most common regrets include assuming that the State Pension would be worth more than it really is (13%), spending too much money immediately after retirement (11%) and not being able to take advantage when they retired of the new pension freedoms that came into force in April 2015 (11%).

However the survey also revealed that the overwhelming majority (94%) of recently retired pensioners are enjoying their retirement years.

One of the main benefits is that they have more time and 63% said that being less stress was a retirement bonus.

Not having to commute to work anymore was singled out by 62%, while having more control over life decisions and spending more time with family were both highlighted by 60%.

Money’s not the be all and end all of a happy retirement

Stan Russell, a retirement income expert at Prudential, said: “The fact that virtually all recent retirees are enjoying life after work, despite a few regrets about their decision-making, shows that money isn’t the be all and end all of a happy retirement. However, sooner or later, the financial choices made while still at work or shortly after retirement will have an impact on the lifestyles of many pensioners.

“For people who have saved all their working lives, the financial choices they make when they retire could be the biggest and most important they make during their lifetime. The pension freedoms mean that the choices are now broader, and in some cases less set in stone, so most people will benefit from a consultation with a professional financial adviser before committing to their retirement finance decisions.

Russell adds that the best way to secure a comfortable retirement is to save as much as possible as early as possible in your working life.