A fixed annuity is a financial product that provides guaranteed regular payments to the annuitant for a specified period or for the remainder of their life, depending on the terms of the contract. This type of annuity is designed to offer stability and predictability, as it typically earns a fixed interest rate, making it a popular choice for individuals seeking to secure their retirement income. It contrasts with variable annuities, where payouts can fluctuate based on market performance.
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