If you have a 401k, you have accumulated tax deferred savings for retirement. In most cases you will probably want to roll over your 401k into an IRA or a Roth IRA. Your company may even require you to do this when you retire. Rolling over your 401k enables you to gain maximum control over your retirement funds.
There are many options to choose from when thinking about where to place your 401k savings. You should consider your overall retirement strategy, how you will maintain tax efficiency, how best to grow and protect your assets, and what type of investment products will best meet your needs in the future. Depending on your goals, you may want to consider an IRA product that enables you to invest in annuities, bonds, mutual funds, money market accounts or something else. There are rollover options that combine features of these products such as retirement packages with insurance guarantees, periodic drawdowns, etc.