Eight steps toward retirement confidence

Saving for retirement? There's a plan for that. But spending in retirement — turning what you've built into income that lasts? That's where things start to feel different.

It's often called decumulation — the process of turning your nest egg into a paycheck. And it’s a stage many people aren't familiar with or prepared for. Corebridge Financial research found that only 31% of Americans ages 45 to 79 even understand what the term means.* Yet it may be the single most important financial shift you'll ever make — because you're not planning for just a few years. With people living longer and the average retirement age still hovering around age 62, a 30-year retirement isn't the exception. It's the expectation we should be planning for.

The Live fully, spend confidently Action Planner, written by Jean Chatzky, founder and CEO of HerMoney, walks you through eight steps to help you make the shift from saver to confident spender — with clarity and a plan.
 

Here's a preview of what's inside.

1. Understand decumulation (and why it matters)

Decumulation is more than just withdrawing money. It's about funding the lifestyle you want while balancing income needs, market risk, taxes, healthcare costs, and the unexpected. There's also longevity risk — not knowing how long you'll need your money to last. Retire in your early 60s? Live well into your 90s? It's more common than you think — and your plan needs to be ready for it.

In the planner: A clear breakdown of what decumulation involves — and why it deserves the same intentional planning you brought to saving.

2. Navigate decumulation with help from a trusted resource

Decumulation isn't just a financial challenge — it's an emotional one. After 30 or 40 years of saving, flipping the switch to spending can feel like a step in the wrong direction. One retired couple, writing for the Wall Street Journal, put it this way: the abrupt shift to "OK, now spend it!" just felt wrong.

In the planner: Why having a trusted financial professional in your corner can make all the difference — for both the money and the emotions side of things.

3. Estimate what you'll spend — and how that may change

Your current spending is a great starting point — but retirement spending evolves. In the Corebridge survey, 29% of retirees said expenses increased a little, 20% said they decreased a little, and 21% said they stayed about the same — a reminder that everyone's picture looks different.*

In the planner: A decade-by-decade view of how spending may shift — from the "Go-go years" to the "Slow-go years" to the "No-go years" — along with an Income Planning Worksheet to help you sketch out where you are today and where things might shift.

4. Know where your income will come from

In retirement, your income likely won't come from a single source — it'll be more like a mosaic. Social Security, pensions, annuities, investment accounts, real estate, and part-time employment may all play a role. The key is understanding how each one behaves — and how much you can count on.

In the planner: A simple way to organize every income source as reliable (guaranteed) or variable (non-guaranteed) — and ideas for getting a clearer picture of what each one may provide, starting with your Social Security.

5. Create a spending strategy aligned to your income sources

Once you know where your income is coming from, the next step is deciding how to use it. A strong starting point: consider matching your guaranteed income to your essential expenses — housing, food, healthcare, insurance — so those needs are met no matter what's happening in the markets. From there, your non-guaranteed (variable) income can help support discretionary spending and flex as your needs evolve.

In the planner: Three common spending approaches — the 4% rule, bucket strategies, and guaranteed lifetime income strategies — plus an introduction to how three different retirement account types are taxed differently when you withdraw — and why Required Minimum Distributions (RMDs) should be on your radar.

6. Plan your Social Security strategy carefully

Social Security is the backbone of retirement income for many Americans, replacing roughly 30% of pre-retirement income. But how and when you claim it can have a profound impact on your long-term financial security. Claiming early reduces your monthly benefit; delaying up to age 70 can increase it significantly. And coordinating with a spouse adds another layer of opportunity.

In the planner: How to think through your claiming strategy — and estimate how much of your essential expenses your Social Security benefit may cover.

7. Protect your income for the long run

Retirement comes with risks you can't always predict — and just the possibility of them can change how you spend. In the Corebridge survey, one in four retirees said the potential of increasing inflation and future healthcare costs has had a major impact on them spending less than they want to. And only 26% said they're comfortable watching their balances decline.*

In the planner: A look at five key risks that can derail a retirement plan — and how guaranteed lifetime income can help address several of them at once.**

8. Bring it all together — and live fully

Once your essentials are covered and you've taken steps to help protect against the risks that matter most, something shifts. And you can enjoy the retirement experiences you've been looking forward to. Corebridge research found that 75% of retirees say more guaranteed lifetime income would make them feel more secure — and 69% say they'd spend more on travel if they knew that income would keep coming.*

In the planner: A closer look at what changes when your portfolio goes from something you worry about — to a source of opportunity.
 

From saving to spending — with confidence

The goal isn't simply to make your money last — it's to make your money work for the life you actually want to live. And that starts with a plan.

Download the Live fully, spend confidently Action Planner and explore each step in depth — with research-backed insights and practical steps to help you make the shift from saving to spending with confidence.