A similar percentage of 200 financial advisers (64%) surveyed by consultancy NextWealth reported that clients also feared inflation and the rising cost of living.

Half (49%) of those surveyed cited covering long-term care costs as a major client concern.

Client concerns could be well founded. Recent changes to the PLSA Retirement Living Standards income requirements reported a substantial increase in the amount needed for a moderate retirement over the past year.

While concerns around long-term financial security abounded, advisers said clients’ desires for retirement remained largely unchanged.

Three-quarters (76%) of advisers said clients hoped to maintain the same standard of living in retirement as before retirement.

Half (45%) of advisers said clients had expressed desires to travel or live overseas.

Clients were also still looking to assist other members of their family. Two thirds (65%) of advisers surveyed said clients had expressed a desire to assist children and/or grandchildren with financial commitments.

Steven Cameron, pensions director at Aegon, said the research showed that the prospect of living longer was bringing many challenges to retirement planning for clients.

He said: “These findings reinforce the research we’ve conducted on how living longer has impacted the retirement landscape. Those approaching or in their ‘Second 50’ are bearing more of their own financial risks.

“This means that personalised Financial Planning based on an understanding of clients’ hopes and fears is crucial for tailoring strategies that meet individual needs and provide peace of mind.”

• NextWealth’s Managing Lifetime Wealth report, sponsored by Aegon, surveyed 200 financial advisers in November.

Financial Planning Today Analysis: Retirement is a time of planning and major life change. For many advised clients the fear of running out of money in retirement is a real one. It's a question only well qualified Financial Planners and advisers can answer and it creates a unique opportunity for well trained professionals to put clients' minds at ease that. With good planning advice and sufficient funds saved clients should not run out of money. Research such as this, and other recent reports, are helpful in understanding the drivers that prompt clients to seek professional Financial Planning advice in the first place. Peace of mind remains an overriding desire of most pension savers and that is unlikely to change. It suggests that 'getting under the skin' of clients and understanding their retirement motivations is not an 'airy fairy' idea but a critical part of good Financial Planning.