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 are different from variable annuities, which can fluctuate based on investment performance. Many people consider fixed annuities for their reliability and security in financial planning.