What I meant was a monthly pension payment from an established entity like a corporate, State or military retirement system.
Those work out well for both my wife and me and they have a built in COLA.
Yes, your use of the term “annuity” was incorrect. What you have described is a defined benefit plan managed by your employer and/or its outside investment manager, which pays retired employees a fixed dollar amount each month.
This is semantics. A defined pension plan turns into an annuity when the person retires.