5. Review your investments, provider and withdrawal strategy regularly (at least once a year). This is absolutely essential. If your funds have performed well, you might be able to increase your withdrawals. Equally, if they have struggled you might need to think about cutting back your income.

For less experienced or knowledgeable clients in particular, setting out the opportunities and risks in understandable terms should help demystify retirement and enable frank conversations during one-to-one reviews, ultimately leading to an achievable and more sustainable long-term retirement plan.

Tom Selby is director of public policy at AJ Bell