Why retirement advice must evolve with age and emotion

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Retirement is evolving. Societal shifts, regulatory changes and economic uncertainty are reshaping how people approach their later years. More than ever, people need support to make informed, confident decisions about their financial futures.  

The vast majority (83%) of people feel the world is more uncertain than a few years ago. 

Two in five (40%) say there are too many options for accessing retirement finances. 

And more than two-thirds (73%) believe retirement will be more complex in the future. 

These findings from our Retirement Voice report highlight the growing need for trusted support. Pension pots are often the largest investment people hold, and decision-making can be daunting for many. 

Yet confidence in pension decisions increases with advice: two-thirds of advised people feel confident converting savings into income. 

Advice must therefore be accessible to the many, not just the wealthy. 

But what exactly should that advice look like? 

Adapting to circumstances  

Retirement decisions are emotionally charged. People fear running out of money, making mistakes, or leaving loved ones unsupported. 

Advice must therefore address emotional stress, not just financial strategy. It needs to be more personalised, empathetic, and inclusive. 

The role of advice is to demystify, to educate, and to empower. It’s about helping people make decisions that serve their long-term goals, not short-term reactions, but can also change as their circumstances do. 

This means that it must adapt not only to different life stages, but also to the emotional realities and accessibility challenges that people face.  

The nature of retirement decisions varies significantly by age.  

Take people under 60. Within this group, needs vary. Those in their 40s are typically focused on accumulation – balancing mortgages, childcare, and career progression. Yet only 15% of people in this age group prioritise pension saving, according to Retirement Voice. This is a critical time to build strong habits and avoid future shortfalls. Advice at this stage can also help people make the most of tax relief on contributions and employer matching – benefits that can significantly boost long-term outcomes. 

But from age 50 onwards, and especially post age-55 when tax-free cash becomes accessible, advice shifts from habit-building to more strategic planning. At this stage, it’s not ‘early’ advice – it’s essential guidance to help people make informed decisions about accessing their pension and preparing for retirement transitions. Advice can help avoid unnecessary tax charges and support decision making.  

Then there are people aged 60–75. People in this age group are typically transitioning into retirement, so decisions shift from saving to accessing pension income. This brings complexity. Advice at this stage helps people manage income tax efficiently – balancing flexibility with security while avoiding pitfalls like triggering higher-rate tax unnecessarily. It can also support planning for changing lifestyle needs and the growth in annuitisation. 

With people aged 75-plus, the focus is typically on making pension pots deliver for current and future needs. Advice often shifts to sustainability, legacy planning, and managing longevity risk. Estate planning becomes a growing priority, with advice helping people pass on pension wealth in a tax-efficient way and navigate inheritance tax considerations. Emotional needs include reassurance, simplicity, and support with cognitive decline. 

Role of the employer 

In this transition to a world where advice is normalised and something for the many, not the few, workplaces can play a key role. 

Employers and providers can help demystify advice, making it feel accessible and valuable for everyone, at every life stage – not just those with large pots or financial literacy. 

Workplaces are already instrumental during the early accumulation phase, helping younger employees lay strong financial foundations. Pension providers build on this by offering financial education that helps to normalise the idea of seeking advice. This paves the way for financial advisers to step in and guide people through key income decisions later in life. 

Together, these channels form a powerful support system – one that helps people make better choices, earlier, and with greater confidence. 

Look ahead with insight and confidence 

Standard Life is committed to helping people navigate the challenges they face in the build-up to and during retirement. 

Whether it’s navigating tax changes, optimising retirement savings, or simply helping people enjoy their retirement, our focus remains clear: to support people in living well, spending wisely, and retiring with confidence.