From the Wall Street Journal
With markets volatile and corporations scaling back defined-benefit pension plans, those in or near retirement are paying high fees to transform plain old variable annuities into a source of guaranteed income for life.
But now, a handful of companies are rolling out lower-cost versions of these investments for those willing to give up some benefits, such a feature that bumps up your future guaranteed income if you delay taking withdrawals.
Beware, the article doesn't include enough of the downsides. It basically just says "Variable annuities with living benefits can be complicated."