I am being let go from my job after 20 yrs. I may retire in less than a year. I will need to supplement my pension and Social Security. What is best route to reinvest my 401K, in order to collect a monthly amount?

Is your job offering any retirement counseling? If so, take advantage of that. Will you have to take out your 401K funds or can you leave them with the plan manager? You might want to look at how much they are earning now and see if the plan manager can do a periodic distribution.

Otherwise you will need to roll over the amount into an IRA. That IRA can be invested in any one of a variety of investment vehicles that can pay periodically.

You really need to speak with a financial analyst to see what's best in your situation.