In the last month I've mentioned several articles that discuss retirement income strategies.  One of the most common strategies is doing a systematic withdrawal plan (SWP).  A SWP allows you to take a regular series of payments from your IRA or  employer plan.  Most IRA custodians will let you designate the frequency-monthly or quarterly and also the amount.  This money is often sent to a bank account electronically or a regular investment account. 

Humberto Cruz explains some withdrawal rates for the SWP and some other methods for achieving income.

Systematic withdrawals give you the most liquidity and control -- but you risk running out of money if you withdraw too much. For a 30-year retirement, financial planners typically recommend withdrawing not much more than 4 percent of your portfolio the first year to be able to keep up with inflation.