What would I do? Well, before I retired I worked very hard at coming up with a written personal financial plan that included a planned asset allocation for retirement. My plan includes a specific percentage to be allocated to cash, and another for bonds.
So, I wouldn't be changing my asset allocation to lower my cash %; instead, I would follow my planned asset allocation in determining what to do with the money from the CD's.
That is what I am in the process of doing right now with the cash I recently received from the sale of my house. Following the plan.