Live fully, spend confidently in retirement

How prepared are we for spending down our assets in retirement? Not very.

For decades, the retirement savings message has been front and center for Americans — contribute to your retirement plan, get the employer match, max out IRAs, and watch your nest egg grow. And while there is still much to be done to help people to save for retirement — especially as longevity increases and pension access decreases — real progress is being made on the savings front.

However, findings from Corebridge Financial’s decumulation survey show that even for those who have saved well, the planning often stops there.

• Only 29% of pre-retirees age 55+ have a plan for how they’ll withdraw money in retirement.

• One-third of retirees rely on a consistent withdrawal strategy, often without a broader income plan.

• Only 1 in 4 align income sources to specific expenses.

• Just 14% of retirees have a detailed strategy for managing required minimum distribution withdrawals.
   

Addressing the decumulation planning gap

Corebridge’s research highlights a significant planning gap around retirement spending, and it's not because people don't care. It's simply that the tools, language, and incentives for retirement planning are largely designed around accumulation — putting money in, not taking it out. Only 31% of people ages 45–79 even know what the term "decumulation" means.
 

This is a gap that can be — and needs to be — closed. Helping people develop a spending strategy with the same intention and rigor brought to saving is the new frontier of retirement planning. It needs to include a clear focus on how to turn retirement savings into reliable and guaranteed income that lasts for as long as retirement does — which can improve spending confidence.
 

What we’ve learned

The findings in the decumulation study draw primarily from Corebridge's 2025 survey of pre-retirees and retired Americans, ages 45 to 79. They also include learnings from Corebridge's 2025 retirement and longevity survey. Together, they point to a number of truths:

• People are excited about retirement
  Retirement is viewed as a time of freedom and reward — an opportunity to enjoy life, spend time with loved ones, and pursue new experiences.

• Financial worry is real
  Concerns about inflation, longevity, healthcare needs and costs, market volatility, and unexpected expenses shape how people think about spending.

• Uncertainty holds people back
  Many retirees spend less than they want to — despite having saved — because they worry about running out of money.

• The challenge is manageable — with a plan
  Developing a clear strategy for how savings will translate into guaranteed lifetime income — and starting those conversations early — helps turn uncertainty into confidence.

• Reliable income changes behavior
  When people have dependable income they can count on — from Social Security, pensions, or guaranteed lifetime income solutions — they feel more confident spending and more comfortable enjoying retirement.
   

Decumulation planning should start long before retirement does

Retirement today is more complex than ever. People are living longer, facing more uncertainty, and taking on greater responsibility for their financial futures.

But this research makes one thing clear: with the right planning, the right conversations, and a clear strategy for income, the transition from saving to spending is not only manageable — it’s an opportunity.

For individuals, that means thinking beyond how much to save and taking a more intentional approach to how savings will support the life they want to live when they retire — for as long as they live.

And for the retirement industry, it underscores an important shift — expanding the focus from accumulation to fully integrating income planning and decumulation into the retirement experience, so people are not just prepared to retire, but prepared to live fully and spend confidently in retirement.