One product that can help in this, and which I've discussed on several occasions, is the single premium immediate pay annuity (SPIA). This creates an income stream and essentially is a way to get back to a defined benefit situation.
One product I haven't mentioned is longevity insurance. The concept is similar. Pay a lump sum today for a guaranteed income when you reach 85 years old, say. This is an insurance product. Die at 84, and you have received the comfort of knowing you would not run out of money but nothing more. Live to 108 years old and you win, and you have an income to the end. Best of all, it is relatively inexpensive.
An excellent overview of these products is given in Seeking Pension Replacement in Retirement by Mark Miller of Morningstar. I would recommend that retirees and those entering retirement carefully read this article. In fact, if you know any retirees (your parents, for example), have them read the article.
Also, if you are a member of AARP, send in the postcard from their monthly magazine to New York Life to get a quote. Get a quote from Met Life. A little research can save a couple of bucks.
Important caveats: only consider a SPIA (other types of annuities can be hazardous to your financial health) and understand that, when you purchase an annuity, you lose control of the funds!
Disclosure: I don't sell insurance and do not have a license to sell insurance. This information is for educational purposes only. Individuals should get professional advice based on their specific situation before making investment decisions.