However neither schemes, developed jointly by government and the industry as part of the Financial Advice Market Review, have been well-advertised or encouraged by either party and it is understood take-up has been low.
Either at work or in a one-to-one meeting, financial advisers are best placed to discuss things like people living longer, working longer, moving to part-time work, later life issues such as care planning and available products like late term mortgages.
Ms Cardy recommends advisers take advantage of the ongoing work done by specialist later life charity Age UK to keep up-to-date with the latest information on issues faced by older people.
“I’ve made significant use of the Age UK professionals data updates which provide vast amounts of information about life for the over 50s and 60s in terms of health, demographics, mobility, finances, and concerns such as loneliness, personal safety and long-term care,” she says.
“Of course you can’t just quote statistics at people and tell them to 'get with the programme', but you can use data to help inform how you discuss these matters with your clients, create appropriate services and facilities for clients and open conversations.”
For example, Ms Cardy suggested if the data points to there being a very large percentage of women, or single people or those without children, and those suffering loneliness, consider making a review service that incorporates socialising, networking and learning opportunities for your clients, maybe over afternoon tea.
“Use these to publicise volunteering opportunities, or things that other clients are doing in retirement, or use younger clients to educate older ones in new skills or travel opportunities,” she says.
“Instead of emailing them a newsletter, make your advice business a real network for clients.”
One case study on the Age UK website, that of 70-year-old Jay Cassie, reveals a vital consideration she missed in her retirement planning - what to do with all the free time.
She told Age UK: “About three weeks of being retired, I remember sitting having a cup of coffee about 10 o’clock in the morning and I thought, 'Gosh, is this it?' But then I thought: 'I could live for another 30 years', which is almost half my lifetime."
Ms Cassie decided to make a plan for what she wanted to do with her life - write a book, start an online magazine for the over 50s, and teach catch-up sessions in the local primary school.
“Those were the three things I concentrated on. And I found that it really worked. I found it all very fulfilling. To be honest, I’ve loved getting older,” she told Age UK.
Choices, choices
Pension freedoms, introduced in April 2015, opened up much more financial choice for those making the move from work to retirement – but with choice comes greater complexity.
