Running out of money has been a widespread concern for retirees following the pension freedoms, according to advisers.
In research featuring 250 advisers, and to mark the fourth anniversary of pension freedoms, Aegon found clients are too "cautious and considered" in their approach to retirement planning as they look to advisers for help.
Of the 250 advisers, 38 per cent said running out of money was the greatest concern of their clients and 32 per cent said their clients worried they would not be able to have their preferred later life lifestyle.
When asked about the most common challenges faced by clients, 75 per cent of advisers said clients needed help on how to create a retirement income, 64 per cent said they needed help in understanding all the options available to them, and 54 per cent said clients needed guidance on saving enough for retirement.
More than half, 53 per cent, of advisers said their clients prioritised risk reduction over generating high returns, with a third of retiring clients’ assets invested in multi-asset strategies - favoured for their diversification, simplicity and ease of use.
Nick Dixon, investment director at Aegon, said: "The world of work is changing fast and retirement is increasingly a journey of change rather than an event.
"Since the introduction of pension freedoms, we’ve also seen a behavioural shift in the way retirees are choosing to take income in retirement.
"The freedoms have enabled individuals to adopt a more flexible transition into retirement, with people accessing pension savings to support a reduced working pattern.
"It is crucial, that those at or approaching retirement seek financial advice to help build confidence and manage their money."
Martin Bamford, managing director at Informed Choice, said nervous retirees need very careful advice.
He said: "Financial planners should be holding the hands of nervous retirees to help them navigate the plethora of choices and options.
"Being a nervous investor isn’t necessarily incompatible with flexible retirement income, but securing a guaranteed income to cover basic living expenses before exercising flexibility with a remaining pension pot is a smart strategy to consider.
"Diversifying a flexible retirement pot across different investment assets is another good way to manage risks in later life."
Aegon's research was carried out in February 2019.