What’s the difference between a series of monthly payments and an annuity?
The monthly amount of an annuity will be paid as long as you live and will remain the same—unless you choose inflation protection, in which case it can go up. If you choose survivor benefits, those payments will continue for the life of your survivor.

Monthly payments based a fixed amount will end when your account balance has been paid to you. For payments based on life expectancy, payments will continue for life but will be reduced as your account is drawn down. Your survivor would be entitled to any balance unpaid to you at the time of your death.

2020 Digital Almanac

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