You have heard the exhortations to save, save, save. Perhaps you have even managed to sock away a decent retirement nest egg. If so, good for you.
But do you have a plan for how to draw down that money?
For millions of Americans, the answer is no. While 401(k) plans usually offer a defined array of investment choices, online tools and other guidance, there is no such system in place for when workers retire.
Those with financial advisors may have the benefit of expert advice, but even with that, there are no longer any set rules of thumb for how to draw down savings—many advisors caution that the so-called 4 percent rule won't suffice—and at what pace. For people who can't afford expert advice, all bets are off.
"It's obvious [a lot of] people are not getting advice if they are doing what they are doing" with their retirement savings, said Robbie Hiltonsmith, a senior policy analyst at Demos.