Whether you are approaching retirement or still have a way to go, an article from CNNMoney is something everyone should pay attention to. Retirement is going to happen faster than you think and there are ways to help keep you from running out of cash. According to the article,  you need a variety of investments that will give you stable income, protection from falling markets and ways to get cash if needed for emergencies etc.

Here are some strategies to help:

1. Traditional Stock and Bond Portfolios are one that may be viable if you have enough income from social security and pensions for basic expenses. For this one, you invest in diverse stocks, bonds and cash. CNNMoney says you pull out money as you need it with a 4 percent annual withdrawal and then increasing the dollars by the inflation rate. This can help you make your income last 30 years.

2. Stocks, Bonds and Immediate Annuity is the second strategy is for those who need additional income for basic expenses than they’ll get with social security and pensions. This will require investing your savings in a lifetime immediate annuity. This option will give you longer income security.

3. Number 1 and 2 plus a variable annuity is the third idea. This one can work if you want more access to your savings than the first two options. You’ll need to invest some of your savings in an immediate annuity. You choose the investments and you can have access to the account when needed. The article says it’s more flexible than an immediate annuity.

CNNMoney has a quiz “Will You Be Ready For Retirement.” Although I’m a bit younger than the age groups that you click on, I’m on my way, but need to kick my planning up a notch. When taking a look at the article, you can also check out their Ultimate Guide to Retirement for information on 401(k)s, IRAs, estate planning, social security and many more.

For more details with graphics and advice click on the article link above.