Advising clients on the verge of retirement? Tackle these concerns.

Do you have clients that are about to retire? As they have a financial adviser in you, they will already have a plan in place for a comfortable and secure retirement – a proper nest egg, monthly withdrawal plan, and investment options.

However, as retirement gets closer, many of your clients may start to worry about the financial implications of this major life change. It’s a good idea to take time to talk to them about their retirement concerns and post-retirement planning.

Four retirement concerns and how to tackle them

1. Running out of money

Many individuals worry that, as life expectancy and expenses increase, they will end up spending more and more and ultimately running out of income. They need to know that, as an independent financial adviser,  you have considered appropriate product options for their individual situation – looking for ways to boost savings, including taking advantage of catch-up contributions to retirement accounts and adjusting asset allocations (as needs be) to meet changing circumstances. Reassure them that you will always have their best interests at heart and explain the plans you’ve made.

2. Paying for increased medical care

No matter how fit your client, age brings with it increased health concerns. Many clients worry that they won’t be able to keep up with increased medical costs or that they will require full-time (extremely expensive) health care. It’s important to reassure your clients that, as their financial adviser, you have planned for comprehensive medical cover today and in the future.

3. Tax after retirement

Some clients may worry that their hard-earned retirement savings will be eaten up by tax. They need to understand that they are exempt from tax on contributions made while saving for retirement up to certain limits, exempt from gains on the investment(s) while saving, but subject to income tax upon retirement when drawing an income. They also need to understand the various tax- savings vehicles (be they pension funds or RAs) that are part of their portfolio. With you on their side, their financial health should be secure when it comes to taxation.

4. Tackling further life changes

Retirement is not the end of a person’s financial journey, just a different stage. Your clients might retire from work but never from financial planning. Some clients may worry that, once they are retired, they will be forgotten by their financial adviser and that they will be unprepared for any future life changes that might take place during this phase of their lives. This might include changes in health, beneficiaries, or investment opportunities. Reassure your clients that, as long as you are their financial adviser (or they are working with a reputable financial institution recommended by you), you will be conducting annual financial reviews to ensure that their wealth is properly and appropriately managed, today and in the future.


The truth is that while retirement is pitched (and planned for) as a relaxing and enjoyable time, many individuals have spent their whole lives working and have concerns about what retirement will mean for them financially. By tackling your clients’ potential financial concerns, you will help them to confidently embrace this new phase of their lives.

Are you about to retire or are you an independent adviser looking to work with a financial house that puts the needs of your clients first? Talk to us – at TRG, we love being independent financial advisers and always looking to work with like-minded individuals to help them mange their book and protect their clients’ wealth now and in the future.

Talk to us. We have the tools to help protect your clients’ wealth.