Here are three strategies to help you get ready for retirement.
Relying on Dividends and Interests - in order to do this you invest your savings and live on investment interest income from for savings portfolio. This allows your to have a reliable source of income while maintaining your savings. Admittingly this strategy only works with a large investment or a high interest rate. It also depends heavily on a stable interest rate because with a more flexible plan your income will be unreliable.
Withdrawing Set Amounts From One Lump Sum - this strategy entails a large lump sum that you make periodic fixed withdrawals, either a percentage or a predetermined amount. This strategy allows a more stable level of income and low risk. making this a more common strategy among retirees.
Buy An Annuity - buying an annuity will allow you to receive regular payments for the lifetime of the annuity. This is a very risk free, long term plan if you don't want to bother with the other strategies, however annuities may impose charges that make them a little less attractive.