Although most retiree clients of wealth managers chose to stop working, a large chunk of them did not make that decision, and weren't sufficiently prepared for the change.

A survey of 200 US financial advisors finds that 40 per cent of their retiree clients were forced to stop working, in almost all cases being shocked by the change in their condition.

The study, from Edward Jones, was carried out in early May this year and delved into the experience clients have of leaving the workforce. 

Even so, the majority of those advisors surveyed said their clients chose to stop working.

Almost all advisors (97 per cent) said retirement involves more surprises and challenges than their clients expected while an equal number (98 per cent) said preparation, flexibility and willingness to adapt are key to success in retirement.

Big rises in costs of living (29 per cent), financial assistance for family or friends (26 per cent) and the declining value of investments (26 per cent) are the most impactful financial shocks for retirees, the study showed.

"Retirement is often full of unforeseen challenges. Whether it be an involuntary termination or health challenge, the timing of their retirement can be an unexpected challenge itself," Jennifer Schoonmaker-Dasch, an Edward Jones financial advisor in Lexington, North Carolina, said.