Pensions, of course, are still the main source of retirement income.

The majority of people in the UK receive the state pension and research by Old Mutual Wealth shows half of retirees today still have a final salary company pension. About 18 per cent have a money purchase company pension and 34 per cent have a personal pension in the form of either an annuity or income drawdown.

In terms of other sources, 38 per cent use their savings account and 34 per cent use Isas.

The two biggest trends though in recent years are increases in part time working and property, either as an investment or by utilising equity release.

This guide will ensure you understand what types of retirement income options are suitable for different life stages, how to blend products and making sure your clients look to the long term rather than just focus on short-term goals.

Supporting material was provided by; Adrian Walker, retirement planning manager at Old Mutual Wealth; Simon Massey, wealth management director of MetLife; Mark Stopard, head of product development at Partnership; Ian Wilkins, head of UK distribution at Franklin Templeton Investments; and Andrew Tully, pensions technical director of MGM Advantage.

This guide is sponsored by Franklin Templeton Investments. All editorial is independent.