This working paper discusses decumulation options including self-management, home equity release products and a variety of annuity products. It is particularly concerned with options for middle-income groups who generally are ill-prepared to manage the large lump sums they often receive such as, for example, from KiwiSaver or selling the family home to downsize. New Zealand’s retirement income framework is outlined, the role of advisers examined, and the various decumulation options currently available in New Zealand are assessed.  An argument for some form of annuity or income product in New Zealand is presented.