How to spend down your money may be the missing link in your retirement plan.
Nearly two-thirds of savers approaching retirement don't have a strategy for which assets to tap first, according to a report from Ameriprise, which surveyed 1,300 baby boomers age 55 to 75. Among those already retired, one-third don't have a draw-down strategy.
"What's sort of beaten into our heads is, save, save, save," said Andrea Blackwelder, a certified financial planner with Wisdom Wealth Strategies in Denver. "It really doesn't occur to most people, until they get a few months out from retirement, to go, 'How do I take what I've saved and turn it into income?'"