In answer to tony44, we have already retired and will need the income immediately. Right now we have it all in blue chip growth funds but my wife, and to a lesser extent I, are getting antsy. With the market cooling and interest rates on the rise and the drought etc. we would sleep a lot better if we had a guaranteed $60K income and only had to worry about actively investing the rest. Bond funds seem almost as volatile as bluechip stock funds.

One of the investment options in my 401K was a guaranteed interest option underwritten by an insurance company that was paying over 6% at the time and rates were lower then. Is there a vehicle such as this available? I don't want to buy an annuity. I'd like for the grandkids to get the principle.
Thanks to all who have replied.