A fixed annuity is a type of insurance product that provides a guaranteed return on investment over a specified period. It allows individuals to make a lump-sum payment or a series of payments to an insurance company, which then pays back a fixed amount of interest over time. This can be an attractive option for those seeking stable income during retirement. Fixed annuities are often used as a way to save for retirement, as they offer predictable payouts and can help protect against market volatility. They typically come with tax-deferred growth, meaning you won't pay taxes on the earnings until you withdraw the funds.