I would turn most of it over to a money management expert.
That's pretty much how I've decided to handle my retirement. We've already had a meeting to go over my situation and determined that barring a true economic apocalypse I can keep my same standard of living indefinitely and even grow the principle quite a bit by the time I'm 90. The "standard of living" is what I was concerned about more than actual dollar amounts.
I'm also clear to get a red sports car and a 23 year old girlfriend. If I got the 23 year old girlfriend I'd be flat broke in 3 years but dead in 2 1/2 so that would work itself out...