A product already exists that solves this fear. It is called a Lifetime Annuity. Insurance companies will guarantee an income for life in exchange for placing part of your retirement savings with them.
A common retirement strategy is to split your retirement savings into 2 sections. Use one part of your retirement savings to purchase a Lifetime Annuity. It guarantees that you do not outlive your savings.
The other portion of your savings is used to purchase an investment that traditionally performs better than inflation.
I gave up my securities license many years ago. I am only qualified to work with products that have guarantees. Although I can help people with savings vehicles with “fixed” interest rates, I have chosen to avoid the riskier investment options. If you are willing to take more risk, you will need to find a securities broker.