I am amazed to see the number of people suggesting and hawking annuities. Sure annuities pay a guaranteed fixed return but they also expose the owner to inflation. The results of which could be disastrous for a retiree.
The people who love annuities most are those who sell them as they pay handsome commissions. Ask yourself who is really funding those commissions? Answer: the buyer and at what cost? If that much money is going to the salesperson how can they be efficient. answer: They can't and are not! I don't pay up front fees for mutual funds and I don't fund annuity salespeople's retirements.
I buy low admin fees diversified mutual funds and efts ( emphasis on dividend paying ) and have done exceptionally well. I never sweat the dips corrections because the market always comes matching back. Google transparent investing.
Years ago (too many to count) I bought my first dividend paying stock and I received that first dividend. The sky immediately turned blue and I swear I heard harp music - it was an awakening! The dividends continue to come in and even in the last credit disaster the dividends kept getting posted to the brokerage account. It is hands off investing.
http://www.transparentinvesting.com/uploads/wholestory.pdf
If you buy with the intention of holding forever the price really isn't important - the stream of income is.
Never let anyone sell you anything... Do your homework and cut out the middleman.