People's expenditure in pensionhood tends to be higher in the first decade, lower in the next two and then often there's a spike at the end when long-term care costs and paying for healthcare comes into play.
Obviously the first question one should ask is 'Will I have enough money?'. The second should be: 'What is enough?'
And the latter is exceptionally difficult to predict. On the face of it, real-value pension pots, when looked at in pounds and pence as a standalone figure, seem good.
For example, Prudential's latest 'Class Of' research has found people retiring this year (2018) are retiring with approximately £19,900 a year - the highest average on record.
For someone with a spouse still in paid employment, no mortgage, no more school fees to pay and no more £4,000-plus travel costs to commute to work, this could go a long way.
Of course, the stretchability of this money throughout retirement depends on investment performance, lifestyle changes (think of the increase in numbers of 'silver splitters' getting divorced in their late 50s and 60s) and rising longevity.
Given this, it is perhaps unsurprising the research also showed only 50 per cent of the 9,896 people surveyed by Research Plus on behalf of Prudential felt that £19,900 would be enough.
Furthermore, just less than one-third, 27 per cent, believed they would not have enough money for retirement.
The table, below, shows the difference a decade makes in terms of expected retirement income.
| CLASS OF | EXPECTED INCOME |
| 2008 | £18,700 |
| 2009 | £17,800 |
| 2010 | £16,500 |
| 2011 | £16,600 |
| 2012 | £15,500 |
| 2013 | £15,300 |
| 2014 | £15,800 |
| 2015 | £17,000 |
| 2016 | £17,700 |
| 2017 | £18,100 |
| 2018 | £19,900 |
Source: Prudential
Commenting on the results, Vince Smith-Hughes hails the "good news that there is a record high for expected retirement incomes", given the figure was a 10 per cent rise on 2017.
However, he adds: "The uncertainty is affecting the confidence of nearly half of the Class of 2018, who fear they are not financially well-equipped."
So how can they feel more secure - and how can advisers help people make sure their funds are sustainable and suitable to their needs, both at the point of retirement and throughout their pensionhood?
After all, people's situations do change, and what might have seemed a suitable drawdown strategy at 55 might be completely unsuitable by age 65.
Suitability
Questions of suitability are pertinent to those taking out a lump sum and investing in property or cash or buying expensive rare-breed sheep - and especially to those entering drawdown.
One might expect someone blowing their pot on a villa in the Costa del Sol and a mistress in the Azores to run out of money in retirement.
However, people who have chosen drawdown because of the control and the flexibility and the potential for continued investment returns could be forgiven for thinking their money will last longer.
According to Rachel Smith, associate consultant for Mattioli Woods, the way to assess ongoing suitability is regularity of reviews.
She explains: "Clients receiving an income [from drawdown] should receive ongoing suitability and sustainability reviews of their pension fund to ensure the income is appropriate and manageable."
