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An annuity can generate an income that you cannot outlive. Your savings can become a montlhy income guaranteed for as long as you live.
Money is deposited with an insurance company. If you don't want income from your annuity right way, it can earn interest until you do. Most plans allow you to deposit money until you convert it to an income.
If you decide to turn your savings into an monthly income, you can request that the income continue for as long as you live or for the lifespan of the longer lived spouse.