Nate Miles joins Jeremy Keil to discuss how the Allspring retirement research reveals trends of concern among retirees and the options they have to address them.

Mike and Susan did what many couples do. They saved diligently. They crossed the $1 million mark before retirement. They felt prepared.

But when it came time to make actual retirement decisions—when to claim Social Security, how to withdraw from their accounts, how to manage taxes—they realized something uncomfortable:

They had spent decades saving… but very little time learning how to retire.

This example speaks directly to what this year’s Allspring Retirement Study uncovered.

As Nate Miles shared on the “Retire Today” podcast, this wasn’t a small or struggling population. Participants were 50+ with at least $200,000 in investable assets. A third of retirees surveyed had $1 million or more.

Yet only six out of ten retirees said they feel financially secure.

That gap between assets and confidence tells us something important: retirement success isn’t just about how much you’ve accumulated. It’s about how well you transition into distribution.

One of the most striking findings involved Social Security.

Nate explained:

“One third of our respondents claimed Social Security at 62 years old… because they believed the value or the benefit of waiting was not worth it. Yet they underestimated the value of waiting by 50%.”

Many respondents assumed the benefit grew at 4% per year when delayed. In reality, for most people, it grows closer to 8% annually between full retirement age and 70.

That misunderstanding alone can permanently reduce lifetime income.

In the MAKE step of the 5 Step Retirement Master Plan, Social Security is foundational. For many retirees, it represents 30–40% of their guaranteed income. Optimizing that decision isn’t optional—it’s essential.

And yet, education around it is surprisingly thin.

As Nate pointed out, there are “560-something permutations” of Social Security claiming strategies. It’s ubiquitous, but complicated. And too often, people default to the earliest date simply because it feels tangible.

The second major theme of the study? Taxes.

Only about 20% of retirees reported using a tax-efficient withdrawal strategy.

Think about that. After decades of saving in multiple account types—traditional IRAs, Roth IRAs, brokerage accounts—most retirees are simply withdrawing from wherever feels convenient.

Nate put it plainly:

“Taxes matter for everyone, not just the high net worth crowd.”

In the KEEP step of retirement planning, how you withdraw can meaningfully impact how long your money lasts. Choosing between Roth and traditional dollars. Managing capital gains. Coordinating withdrawals with Social Security timing.

These aren’t abstract academic exercises. They are practical levers that affect real income.

Yet as Nate observed, most people spent 40 years having taxes withheld automatically from paychecks. They paid taxes—but they never actively managed them. Retirement flips that script completely.

Now you must choose.

Nate shared that many retirees are comfortable spending above their retirement number—until their account dips below it. The moment it falls beneath that original balance, panic sets in.

Even if the plan accounts for drawdown.

Even if it’s sustainable.

Even if it’s expected.

That’s what I call the “accumulation paradox.” Economists assume you’ll build your assets and gradually spend them down toward zero. Real people assume the number should stay intact forever.

But retirement isn’t about preserving a scoreboard. It’s about funding a life.

This is where the SPEND step meets the INVEST step. You saved to use the money. And yes, at some point, your balance may begin to decline. That’s not failure. That’s function.

One of Nate’s most memorable lines was this:

“Monte Carlo gets 10,000 cracks at retirement. You and I get one.”

We don’t get multiple trial runs. We get one real-life retirement. That’s why quality advice matters.

The study suggests people with pensions are more likely to use annuities. People with advice are more likely to use tax strategies. And people who understand their income sources are more confident.

Retirement is no longer just accumulation. It’s design.

And design requires intention.

If you’re within five years of retirement—or already there—ask yourself:

Because as this year’s research shows, even million-dollar portfolios can feel uncertain without a plan.

Retirement isn’t about guessing well.

It’s about designing well.

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About the Author:

Jeremy Keil, CFP®, CFA is a retirement financial advisor with Keil Financial Partners, author of Retire Today: Create Your Retirement Income Plan in 5 Simple Steps, and host of the Retirement Today blog and podcast, as well as the Mr. Retirement YouTube channel.

Jeremy is a contributor to Kiplinger and is frequently cited in publications like the Wall Street Journal and New York Times.

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