By
June 9, 2026 / 2:14 PM EDT
/ CBS News
Add CBS News on Google
Many Americans spend decades saving for retirement. But far fewer have a plan for the equally important task of spending that money once they stop working.That financial challenge, known as "decumulation," refers to how retirees draw down their assets to fund their lifestyles while ensuring they don't run out of money. Only 31% of Americans know what the term means, according to new research from Corebridge Financial.The lack of planning may contribute to a retirement paradox: Some retirees are so worried about outliving their savings that they spend far less than they can afford. A May report from the Employee Benefit Research Institute found that one-third of retirees still had 100% or more of their initial retirement assets by their mid-80s, a finding the nonprofit group said could indicate "unnecessary underspending."Planning to spendOnly 29% of workers age 55 and older have a plan for withdrawing money from their retirement accounts, according to Corebridge."The big takeaway is that the plan for decumulation is as important as the plan for accumulation," Jean Chatzky, a personal finance expert and co-founder of finance site HerMoney, who collaborated with Corebridge on the research, told CBS News.She added, "Most people do not have a plan for spending down. But if you can get yourself to the point where you do have a plan, you're going to find the whole experience in retirement of actually using this money that you've worked so hard to save much more pleasurable and empowering."The survey, which polled 2,210 adults aged 45 to 79 with more than $100,000 in investable assets, also found that only 6% of respondents said they would regret dying with money left behind. But 56% said they would regret running out of money before they die.
