As CanadianInveston calculates, she can get a better cash flow with an annuity, or a partial annuity.  A reverse dollar-cost-averaging is bad, because you have to sell more shares when the stock market drops, therefore creating a sell-low strategy. If she does't annuitize, she should keep 3-5 years' expenses-minus-dividends in secure funds (cash and GIC ladder), giving her time to adjust her spending and selling of stock when the market is up. She should probably park some money in a TFSA for emergencies, or "savings" for expected future expected expenses, like buying a car.