Offers an alternative for a retiree that feels the need for a check once a month without much work. It has reasonable VG expense ratio, but you have to invest $25K minimums to get into the fund. Pretty large capital outlay for a monthly payout. VG has 3 different funds for retail investors. It's not great b/c you're tying up 5 figures to get this return with the added risk that if markets drop the payout comes from principal. Also, it's very tax inefficient as the fund must sell investments to stay liquid. Makes for higher taxes for investees.
In general, Target Retirement (Date) Funds & managed payouts are similar in they set the risk tolerance for the investor through asset allocation. Always be wary of this b/c unless you read carefully, the funds can invest in ways you wouldn't agree with. Best to diversify yourself, figure out when to cash out, and manage your taxes in a more efficient manner.