Not only do Americans need to save more for their retirement but they need to learn how to spend that money wisely when they get there.

Spending down retirement assets is one of the many challenges Americans face when it comes to retirement planning, according to the Government Accountability Office’s recent report on the state of American’s retirement savings — along with actively putting away money, which influences how much they can put towards other financial goals and lifestyle choices, and choosing the right accounts and funds to keep those assets. Not all retirees understand how to manage and comfortably spend down their assets in 401(k) or other employer-sponsored plans, while people with pensions might worry about the health and security of those plans.

Other questions around spending in retirement include knowing when to take a lump-sum payment versus gradual payments, or when to claim Social Security. The GAO has suggested reform in improving options for the spend-down phase of retirement, along with promoting universal access to a retirement savings vehicle and reducing complexities and risks for plan participants and sponsors. (In other words, there’s a lot the country can do to improve the retirement system, according to the report.)

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