An annuity is a recurring payment of the money you have invested for a set period of time or # of payments.
As in saying: "Here is 200k, I want 10k a year for the next 20 years". You can set them to be annually, monthly, or whatever type you prefer for the pay out. In doing so you always need to consider interest rate and the time value of money.
Akula is right, if you wanted it to LAST, an annuity would be a safe bet. 200k could build some interest quickly and we could all make good by adding $1,500 extra to our monthly budgets.