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So-called managed-payout funds, introduced with much fanfare just two years ago, were supposed to be a boon for retirees. Some of the hype might have been premature, however.</br></br>It has long been one of the biggest questions and challenges for people entering retirement: How do I generate a steady paycheck from my savings? Managed-payout mutual funds offer an answer.</br></br>Designed by some of the biggest names in the financial-services business -- Vanguard Group, Fidelity Investments and Charles Schwab, among others -- these investments use different strategies but start with the same concept: Place a pool of money in a range of investments, much like an endowment at a university. Ideally, the funds generate a predictable, but not guaranteed, stream of income in a format that gives investors easy access to their money.</br></br>That kind of predictability already was available from insurer-run annuities. But many retirees are loathe to turn over their money to annuities, from which it can be difficult to withdraw funds. What's more, insurers generally keep any remaining money when you die.</br></br>Bear-Market Debut