If you’re approaching retirement with a healthy 401(k) nest egg, you have a lot to be proud of. You’ve likely led a career of hard work at a job that--let’s face it--you probably didn’t love all the time.

Now what? Making the decision of how to take your hard-earned savings and live on them for 25 to 30 years is serious business. Among the many concerns of most families: What if I outlive what I saved up?

Here are four commonly considered approaches to handling your 401(k) retirement funds--along with some pros and cons for each.