Why would you pull your money out of the market ? Just because you retire does not mean you will drop dead. Most people need the money for 20 to 30 years past their retirement.

Do you think putting it into a CD earning less an a percent in interest which effectively means you are losing money each month is a good idea ?

Get a financial advisor ASAP and do not take it out of the market, it is the only way to keep your money growing

You should not be asking strangers who do not know anything about your financial situation or person situation. The decision is too important for that.

Speak with one or two FEE ONLY financial advisors to get the proper advice that best suits your financial situation, your lifestyle and your current and future needs.

Actually, it should have been done several years ago. You will be needing the money soon, and won't have time to recover if the market goes down. So as soon as you possibly can.

You need a financial advisor.

I suggest you contact the department in your job that deals with the 401k plans. They would absolutely know best on when you should do that. However, once upon retirement, I see nothing wrong with rolling it over into an IRA or type account.
One of my jobs I had for seven years, rolled mine over into a great account after about a year. My former boss did all the legwork.
Good luck!!

Yes, you need a strategy to continue growth while improving safety and allowing you to withdraw what you need.

If possible, try to withdraw the minimum - maybe nothing at a - until you're 70-1/2, when you have to make withdrawals. This is to give your money more time to grow.

Your money should be being moved to a more balanced account - maybe only 40-60% in stocks (depending when you plan to start withdrawing).

But you will need continued growth of your nest-egg.

The rule of thumb is to plan on taking out only 4% a year of your funds.

Also, consider immediate annuities, but not just yet. While interest rates are so low, it's a bad time to buy an annuity.

If you are able to keep a year or two of expenses in a low-volatility fund, it will allow you to ride out the inevitable stock market crashes in the next 30 years.