Advisers have said the biggest worry for clients already saving and planning for their retirement two decades from now was running out of savings.
FTAdviser's latest Talking Point poll asked advisers to choose which of the four risks clients who are 20 years away from retirement but already saving for it worry about the most.
A total of 72 per cent, as at July 12, said their clients’ biggest concern was living longer than their pension savings would last.
But 10 per cent said clients worried about having enough to fund social care and another 10 per cent said they were most concerned about passing on wealth.
Meanwhile, some 8 per cent said clients’ biggest fear was having enough to spend on luxuries when they retired, suggesting clients also worry about the quality of life they will be able to afford in retirement.
Ricky Chan, director and chartered financial planner at IFS Wealth & Pensions, said he was not surprised by the results.
He said: "If we were to assume the average retirement age of mid-60s, then clients that are 20 years away would be in their mid-40s.
"It’s usually around this age when clients do start to become more concerned about their retirement planning as they have sorted most of their previous needs and priorities out – like getting onto the property ladder, childcare costs – and now may have higher disposable incomes."
He added: "Or they could have been self-employed/a business owner who chose to reinvest in their business in the earlier years.
"Commonly, they have neglected the retirement planning part for a while and it’s always been on their mind to revisit this to ensure they have enough savings in place for their retirement."
Mr Chan said: "I don’t expect clients to have serious concerns about funding for social care or passing on wealth until a little later in life."
Patrick Connolly, head of communications at Chase de Vere, pointed out that most clients who are 20 years from retirement will not have defined benefit pension schemes.
He said: "So, other than the state pension, they will be relying on the money they’ve saved up and favourable investment performance to provide for themselves in retirement.
"This is just one of many reasons why those planning for retirement should be taking independent financial advice."