J.P. Morgan Asset Management analyzed anonymized data from over 280,000 Chase households to reveal three key retirement spending surprises: a declining lifetime spending curve peaking at midlife, a post-retirement spending surge particularly impacting lower-income, partially retired households, and significant year-to-year spending volatility throughout retirement. These findings highlight the need for financial planning that accounts for these dynamic spending patterns, especially concerning the increased risk of sequence-of-return issues and the importance of flexible retirement income options. The research emphasizes the non-uniform nature of retirement, with many households experiencing a phased retirement process. Ultimately, the study advises plan sponsors to adapt their strategies to accommodate more variable spending behaviors among retirees.