Ben Stein gives us some helpful information on immediate annuities.

In the olden days of American supremacy in world markets, retirees worked for their employer, got lifetime benefits with cost-of-living increases for pensions and health care, and lived peacefully. For most of us, those days are gone.

There are many aspects to solving this problem, but one comes to mind right away: Purchase a lifetime immediate annuity. This is a contract you make with a financial entity, usually an insurance company, which, in return for your initial payment, guarantees to make monthly payments to you -- for the balance of your life.