Generally, in the case of retirement plans offered by Mutual Funds, you can opt for a Systematic Withdrawal Plan (SWP). This will allow you to withdraw the accumulated amount in regular instalments. You can also choose to invest more in equity than debt so that your investments are tax efficient. These plans have a lock in period of 3 to 5 years and might have an exit load if you decide to withdraw before you turn 60 years of age. However, these plans do qualify for tax deduction under Section 80C of the Income Tax Act.