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Needs vs. wants: The survey found that respondents tend to view retirement goals in terms of both essential "needs'' and nonessential "wants." As a result, this nuanced perspective on spending can impact how you think about and fund your retirement.

Protected income power: Further, the study also found that while higher-income individuals have more spending flexibility, regardless, there is still a lack of protected income to cover essential expenses, leaving retirees vulnerable to unexpected expenses. Having protected income for essential spending not only has economic benefits, but also behavioral benefits. When you have protected income, you are more willing and able to spend confidently. Thus, allocating savings to protected income products like annuities can provide greater freedom to spend.

You deserve to confidently spend the money you worked so hard for while in retirement. Therefore, identifying your needs, wants and above all, the overall Purpose of your retirement plan, should all play into the development of your retirement funding strategy.