Your retirement plan may allow you to take payouts as a lifetime annuity, which converts your account balance into guaranteed monthly payments based on your life expectancy. (ufcu.pfyfn.com)
Pensions do provide guaranteed monthly payments for life, which disproportionately benefit women who live longer. (teacherpensions.org)
Not that long ago, both groups were likely to have access to defined benefit pension plans that guaranteed monthly payments until death. (teacherpensions.org)