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 makes fixed annuities a popular choice for those seeking stable income during retirement. These annuities are often used as a way to save for retirement, as they can provide a steady stream of income once the annuitant reaches retirement age. Unlike variable annuities, fixed annuities do not fluctuate with market conditions, offering a sense of security for investors.