The research highlights the growing need for income certainty amid longevity.
A structural shift is reshaping retirement planning, with advisors increasingly steering clients away from accumulation goals and toward strategies built around reliable income.
Insights from Guardian Wealth show that longer life spans, market volatility and increasing financial complexity are accelerating a transition towards planning frameworks that emphasize income generation over portfolio size.
“Insights point to a shift in focus from accumulation to income,” the report said, adding that “few are prepared to transition from saving to spending,” which could result in hesitation and underspending even among affluent investors.
For decades, retirement planning has focused on reaching a specific account balance, but as clients approach retirement, that benchmark often fails to address a more practical concern: how those assets will convert into ongoing income.
This gap becomes most visible as consumers transition from saving to spending, where uncertainty can undermine confidence even if balances remain strong.
“At its core, retirement planning today is about confidence,” said Mike Perry, head of client solutions and wealth management at Guardian. “When people lack clarity about income, they hold back, spend less, delay decisions, or disengage. The most effective plans start by focusing on how money supports life, not just long-term growth.”
Income certainty reshapes behavior
Industry leaders say improving retirement outcomes increasingly depends on providing clients greater certainty about income.
The Guardian’s research shows that predictable income streams can influence both confidence and behaviour, helping customers stay invested and make more informed decisions over time.
The firm notes that retirement success is increasingly linked to “how effectively wealth can be converted into reliable income that allows people to live the life they want” and as a result, advisors are adopting more integrated approaches that align investment, insurance and income solutions around specific client outcomes.
“Whole-portfolio planning starts with the outcome, not the product,” said Nick Knaphaus, global head of retirement solutions at BlackRock and head of LifePath, who participated in a conversation with Erin Kulek, Guardian’s head of financial protection and retirement solutions, on rethinking retirement income. “The question is not ‘Should I use insurance or not?’ It’s ‘What outcome am I trying to achieve, and how do I structure the entire portfolio to support that?’
At the heart of that framework is the concept of income layering – a base layer of projected cash flows designed to cover essential expenses, allowing the remainder of the portfolio to focus on growth and long-term objectives.
The Guardian stressed that starting a plan with reliable income can create the flexibility to manage risk, adjust withdrawals and respond to customers’ changing needs over time.
“Retirement is not a moment. It is a long, evolving stage of life,” said Kuelek. “When people start securing income for essential expenses, they allow themselves to stay invested, manage risk more intentionally, and make better decisions over time.”
Consultants remain focused on results
Despite advances in planning tools and digital platforms, both companies point to the continued importance of human advice in guiding retirement decisions.
“Most decisions aren’t just driven by technology. They’re driven by someone they trust telling them everything is OK,” Nephous said.
For advisors, this shift underscores a broader evolution in retirement planning – from chasing a number to designing a strategy that provides sustainable income, behavioral confidence and long-term flexibility.
“Retirement planning isn’t about hitting numbers. It’s about creating certainty,” Nephous concludes.