Retired: I want a monthly income and money ready for medical costs. What ways are there?

There is more than one way, and each weighs the two needs differently. The first way: keep a part inside a savings account you can withdraw from at any time, and put the remainder in a certificate or deposit paying monthly. Here the medical money is always at hand, but the amount producing income is smaller. The second way: lock the whole sum so it pays monthly, and if you need money, turn to a loan against the certificate or to breaking it. Here the locked amount is larger, but reaching the money has conditions: a pledged certificate stays held until the loan is repaid, and breaking early can lower the return for the period already held and claw back what was paid in excess. There is no way that is right for everyone; the deciding question is how much it matters to you that money is available instantly with no procedure, and how much that the largest amount pays you income. Before choosing, ask the bank about the loan-against-certificate terms and ratio, the break-penalty table, and the minimum balance that earns a return in the savings account, and check them in the key-facts statement.