Fixed annuities are investment products that offer a guaranteed rate of return over a specified period of time. They are often used as a safe, long-term investment option for retirement savings. With a fixed annuity, you deposit a lump sum of money with an insurance company, and in return, the company agrees to pay you a fixed rate of interest on that money for a certain number of years. At the end of the term, you can either receive the accumulated value in a lump sum or annuitize the contract and receive periodic payments for the rest of your life.

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Fixed annuities can be an important tool for building retirement savings. They offer a guaranteed rate of return, which can be appealing for people who are risk-averse or want to protect their savings from market volatility. Additionally, fixed annuities can provide a steady stream of income in retirement, which can be especially useful for people who are worried about outliving their savings. Overall, fixed annuities can be a valuable addition to your retirement plan.