Since they never actually come out and tell you how to create life-long income, I will: Fill your portfolio with diverse, income-paying managed mutual funds and/or index ETFs, in various asset classes, at varying yields, such as US Treasuries, high-yielding stocks, utilities, REITs, corporate bonds, and master limited partnerships. Most pay monthly and can direct deposit from your brokerage into your checking account. Even in today’s low-interest environment, you should be able to earn 5% with only moderate risk. Of course you’ll have to have a decently large portfolio to receive meaningful income. $1M could get you about $50k per year, with a chance for long-term capital appreciation. Don’t sell shares, take what the portfolio gives you, and these assets should last your entire life, provide some inflation protection, and leave your kids a tidy sum.
If you want to add some annuities to this mix, go ahead, but you’ll be losing access to your principle forever.

We worked for the GTE/ Verizon Telephone Company for 35 years each. We both started at age 18 & 22. When we would received a raise for 30 years we saved half the pay raise.
NOTE-- It took us 5 years to get smart and start saving.

An Example
If my take home pay check every two weeks was $100 and then I received a raise and my take home check was $120 we would put $10 in automatic withdrawal to savings each pay day. For 30 years we saved this money and never touched it. The best part of saving this way was we never missed it because we never had it. My definition of ("Living Within Your Means") is two pay checks. Once you have the increased amount on a paycheck you will spend it or it is harder to save. We were very disciplined and never touched this money and when we retired at age 53 & 57 we had over a Million Dollars in this Account. We also saved an additional 16% of our wages to the Company Savings & Investment Program for our last 25 years. The Company would match half of what you save up to 6% in Company Stocks. That was a 3% pay raise each year. Having only worked for the Phone Company and being Millionaires is really great. We have been retired 16 years this coming November. Retirement is the best. We preach to all people we meet that this is an easy way to save.

In saving for retirement. You have to understand, you cannot do either because you hardly saved a dime. You had to have a nice car to impress others and you leased it. You bought the latest electronics all your life. You went out with the boys or girls for lunch 5 days a week,you could not be bothered to brown bag your lunch. You bought a house you can hardly afford. You took the family out to eat most weekends and took expensive vacations because you "deserved it." Saving for retirement always seemed like something you would get to soon but never did.

Compound Interest
Most retirement funds earn compound interest. Although people generally understand that interest accumulates on these funds, some don’t understand the difference between simple interest, which is interest on the principal balance only versus compound interest, which is interest on the principal and interest on the principal that accumulates. Sound a bit confusing? Think of it this way: mathematically, time, as a variable, is multiplied by your rate with simple interest. With compound interest, you increase your rate by time exponentially. So, using simple interest, an account with a starting balance of $100,000 and a 5 percent rate will earn $100,000 in interest in 20 years ($100,000 x .05 x 20.)
Let’s say instead of using simple interest, we use compound interest. That same $100,000 would grow to $265,329 in 20 years {$100,000 x [(1+.05)^20]}. Compound interest is a major reason why starting retirement savings while you’re young is so important. It gives your money more time to grow. The compound annual growth rate for the U.S. Stock market from 1/1/1871 to 12/31/2013 is 9.07%
Financial Adviser
Before you hire anyone to manage your money be sure that Financial Adviser is a Fiduciary familiar with Form ADV its the uniform form used by investment advisers to register with both the Securities and Exchange Commission (SEC) and state securities authorities.
"In the SEC.gov Form ADV is states:
Before you hire someone to be your investment adviser, always ask for, and read carefully, both parts of the adviser's Form ADV. You can find a copy of an investment adviser's most recent Form ADV on the IAPD website. Most state-registered advisers file Form ADV electronically and their Form ADV (Part 1) filings also are available on IAPD." http://www.sec.gov/answers/formadv.htm

What your suggesting is people invest money to save money for their future. That will leave out about 40% of the people who cannot save because they don't earn enough to save for retirement. A family shouldn't have to decide whether to pay the electric bill or save money for retirement. So your suggestion above is not for everybody. However, my startup idea is for everybody. I'm not asking people for their money to generate more money for their retirement. my startup will accumulate savings for everyone. All the retirement plans, pension plans robo-investing plans are all asking money from customers. My startup will not ask you money. There is technology that can be build a smarter financial platform. I know how, i'm just surprised nobody has done it yet.