Advisers fear weak interest rates and turbulent markets will hit people's defined contribution (DC) pension funds, Aegon research has revealed.
Three quarters (77%) of the 200 advisers polled said falls in investment markets are reducing the value of their clients' future income and they have little or no protection against this.
The research added 70% of advisers believe the cost of personal health will chip away at their clients' retirement funds. Meanwhile, 69% expect a lack of access to investments and potential for income growth (65%) will erode value.
Aegon Ireland CEO Simon Skinner said: "As the baby boomer generation reach their retirement years, they'll experience a retirement that is on average healthier and longer than ever before.
"Those retiring in the next ten to 15 years have different expectations to previous generations - and they will need the security of income to fund these goals. We believe that people will need to plan to cope with new and sometimes unexpected challenges to retirement income such as higher living costs."
Advisers also said they expect poor annuity rates (68%) and living longer and running out of money (57%) to hit clients approaching retirement.
More than half (57%) the consumers who took part in the research said they were aware of the risk of poor investment returns at retirement.
Skinner added: "For advisers, unit-linked guarantees offer customers security and peace of mind in their retirement decisions."
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