Aegon Adviser Attitudes Report 2021

Rise in those retiring at a single point in time Advisers are reporting a rise in the number of clients retiring at the conventional retirement age of between 61 and 65. 71% say most clients retired in this age bracket, compared with 63% in 2019. Those retiring earlier has shrunk to 12% from 19% the previous year, a sign that some clients may be delaying their retirement. Moreover, by far the largest proportion of their clients ( 44% ) are retiring in the traditional manner, at a single point in time. This has more than doubled since 2019’s result, when only 20% retired at a single point in time. The numbers of those retiring gradually has shrunk from 74% last year to 38% this year, a huge 36% reduction in people phasing into retirement. It’s too early be clear on the causes for this increase, though such a large and sudden change may well be due to the impact of the global pandemic rather an indicator of a longer-term trend. What proportion of your retiring clients… Retire at a single point in time, i.e. go from their usual work pattern to full retirement Retire gradually by transitioning into retirement through a period of reduced hours or semi- retirement before stopping work Retire with a view to re-entering the workforce at a later date Plan to continue working indefinitely Other/unsure 44% 20% 74% 38% 3% 5% 0% 10% 2% 3% 2019 2020 44% retiring at a single point in time, more than double 2019’s results 46 Aegon adviser attitudes report 2021