While people are trying — and often failing — to save for retirement, they’re not really thinking about howthey’ll make whatever money they will have stretch once they leavethe workplace.

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That’s according to a Harris poll conducted for PentegraRetirement Services that found that more than half (56 percent) ofthose who have managed to accumulate some retirement savings haveno plan for how they’ll access the money and make it last inretirement. In fact, one out of every five hasn’t even thoughtabout it.

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Their average target age for retirement is 66, but 20 percentdon’t plan to retire at all. They want to start drawing Social Security benefits atage 67, and those still in the workplace estimate they’ll need anaverage of $3,200 per month in income to live.

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But 19 percent say they’ll need considerably more — $5,000, to be exact. Considering that, according to theSocial Security Administration, Social Security benefits averageonly about $1,300 per month, that’s a lot of ground to be made upby savings or some other source.

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READ: Are retirement needsoverstated?

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Even that $5,000 figure may not be enough, although it’s likelycloser to the truth. “Based on the average household income of$52,000, this number may seem practical at first glance, but manypeople do not factor in having to pay for health coverage andcost-of-living increases when estimating how much they willrealistically need,” Rich Rausser, senior vice president of clientservices at Pentegra Retirement Services, said in a statement.

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Then there’s the question of how to transform retirement savingsinto monthly income —something many people don’t even understand.Most people either don’t understand or are completely unaware ofmany of the options for receiving the money they’ve saved once theystart to draw on it for living expenses.

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Only 24 percent of respondents said they were very familiar withlump-sum payouts. Slightly more, 29percent, said they were very familiar with routine quarterly ormonthly payments, while just 23 percent said they were veryfamiliar with annuities that would provide guaranteed monthlyincome during their lifetimes. Even fewer, only 17 percent, knewthat annuities could do that for themselves and theirbeneficiaries. And one out of four of those still working didn’teven know that was an option.

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