Annuity
An annuity is a contract with an insurer that turns a lump sum into a stream of income, often for life. Its appeal is guaranteed income you can't outlive; its drawbacks are fees, complexity, and giving up access to the money, so the details matter enormously.
Simple immediate annuities are easy to compare; variable and indexed ones carry high fees and fine print. For most people, maximizing Social Security and a low-cost portfolio covers the same need more cheaply — consider an annuity for a specific longevity or income-certainty goal.