As a total newb to the retirement scene i am wondering how a bank runs a retirement fund account.I have a good pension from my employer but i also have about $60000 in the bank as a guaranteed investment (GiC) if i turned this $60k into an income fund would the bank just take the monthly payout from the capital? or do they just pay me the interest on the $60k? and what kind of monthly payment could i expect on $60k?