Background: In late 2021, the Retirement Research Center (RRC) surveyed over 2,000 retired workers to gauge attitudes about savings, spending, and financial wellness in retirement. This is part 5 of the RRC’s Research Minute series about this study and focuses on whether retirees are accessing their defined contribution (DC) plan balances and the possible influence of required minimum distribution (RMD) framing.Findings: Part 1 of this series introduced the retiree segments that arose from this analysis. These four segments have distinct differences in their spending (relative to ability), confidence, and financial planning. The segments are: Confident Retirees, Optimistic/Thrifty Retirees, Nervous Retirees, and Struggling Retirees.Just over half (54%) of retirees are accessing their DC plan balances. For retirees under age 72, that number drops to 45%. Notably, retirees with higher income levels and those with pension plans are less likely to access their DC savings.Among retirees 72 and above, 65% of retirees are accessing only the RMD. Across segments, there are large differences between spending ability, comfort level, planning and financial means. Confident Retirees are most likely to access only the RMD, while Struggling Retirees are taking more than the minimum requirement out of need.Among Retirees 72+ Taking Withdrawals, Percent Taking Only the RMDBottom line: The analysis shows that without a distribution plan or structure, many retirees are not spending down until they are forced to or are under financial stress. When they spend, they typically only take the RMD. The historical framing of DC plans as an accumulation vehicle (versus a decumulation tool) could be influencing retirees’ drawdown decisions. Further, they may be treating the RMD as an amount not to be exceeded rather than as a minimum they should take from their account.See last week’s Research Minute, “Part 4: How do pension plans impact retiree income?”