In the “hindsight is always 20-20” department, retirees asked for advice would stress the importance of saving early for retirement—but the majority haven't taken their own advice in the past.

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That's according to a survey from Pentegra Retirement Services, which asked retirees who do not have a pension about advice they'd provide to younger people.

Ninety-four percent of respondents would like to advise their juniors, and for plenty of retirees, that advice stressed the importance of saving early and saving more throughout one's career—despite the fact that they had not done so themselves.

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Among the most common regrets survey respondents reported was not having saved earlier in their work lives.

Among retired U.S. adults without a pension, 63 percent recommended that younger people save earlier in their career, and 57 percent suggested saving more throughout their career.

About half—51 percent—said to always contribute enough to their workplace retirement plan to qualify for employer matching contributions, and 45 percent advised to find small ways to save more.

More than a quarter (26 percent) would tell their juniors to postpone taking Social Security benefits for as long as possible, and 22 percent would also suggest their juniors work with a financial planner.

When retired U.S. adults without a pension were asked to complete the sentence “When I look back on what I might have done differently with my retirement savings, I should have…,” their top responses involved saving earlier and saving more—with 39 percent saying they wished they had begun to save for retirement earlier in their careers.

Thirty-five percent said they should have saved more. In addition, 29 percent said they should have paid more attention to preparing for retirement when they were younger.

Many retired individuals without a pension also place importance on investing.

Thirteen percent said they should have invested more aggressively; 13 percent said they should have taken the time to learn more about investing and 13 percent said they should have worked longer before retiring.

Instant Insights /

Retirees to millennials: Save yourselves

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