general investment strategy for retirement

Hi all

Theoretically, if one is close to retirement and has accumulated a fair sum in a low cost industry super fund - say 1 million - and can live off the minimum drawdown of 4% when taking allocated pension

and presuming that markets recover reasonably well, or at least say over 20-30 years the overall growth is similar to what's been seen before

is this ok as something to aim for?
What are the potential disadvantages of an allocated pension?
Can there be better approaches to investing the money?
Any hints as to what might be a better approach

Many thanks for any answers