Women are twice as likely to not have a plan for using defined contribution plan savings in retirement than men, according to a new study by the Limra Secure Retirement Institute announced Tuesday.

The study found that 27 percent of U.S. workers ages 55 to 64 say they do not know how they will use their defined contribution plan savings after they retire. Thirty-eight percent of women and 19 percent of men say they do not know how they will use these funds.

“It is surprising that such a large proportion of older workers have failed to do this basic level of income planning when most are within 10 years of retirement,” says Matthew Drinkwater, associate managing director, LIMRA Secure Retirement Institute research.

“Many believe that they can delay retirement indefinitely, or work in retirement, so it’s possible they feel that there’s no near-term need to engage in this kind of planning. But that belief is risky; people often retire earlier than anticipated. It makes sense to give thought to how you will use your DC plan balances sooner rather than later,” he adds.

The study found that two-thirds of workers ages 55 to 64 planned to make withdrawals, either directly from their DC accounts or after rolling over the assets into an IRA.

“Going through the planning process during the pre-retirement years may prompt changes in their savings behavior, how they allocate their assets or the decision to purchase other retirement products,” notes Drinkwater.