Aegon Adviser Attitudes Report 2021

Pandemic increases fear of running out of money in retirement The reticence of those retiring in these challenging times to take income from their pension pot is likely to be driven by a fear of running out of money and this is reflected in this year’s survey results. 75% of advisers cited running out of money as the main challenge their retiring clients face. Very much related to this, 65% worried about how much income to take. Clients are clearly unsure about how and when to take income, and advisers listed a number of other major challenges they face around the level of risk to take, the best investment strategy to create income and understanding all the options available to them. What are the most common challenges your retiring clients face? Select up to three. 75% 65% 35% 33% 16% 22% 15% 14% 5% 10% 1% Making sure they don’t run out of money in retirement Planning how much income they may need Understanding all the options available for them to invest their money Which strategy to use to create their retirement income How to assess the level of risk they are prepared to take Intergenerational wealth – how best to help their children Deciding whether to consolidate pensions or transfer out of DB scheme Making provision for care needs in later life Inheritance tax planning How best to extract wealth from property Other 75% said running out of money is main concern for retiring clients Aegon adviser attitudes report 2021 49