Difference between an immediate and fixed annuities?

IMMEDIATE----you have given the company a large sum of money, and expect to start receiving payments immediately. This is in contrast to deferred annuities, which you pay into for a number of years, letting it earn interest, and then you start recieving payments.

FIXED v. VARIABLE-----fixed means the money is guareenteed to stay the same amount. Variable means the money is invested in the underlying account which is invested in the stock market. Your payment could be higher or lower depending on how your investments perform.

It boils down to "What are your concerns/desires for the investment?"

Are you retired now? Are you married? Do you want a life time income for yourself or yourself/your spouse? Do you have inflationary fears? Do you have recessionary fears? How much risk are you willing to take on?

Is it important to have access to all your money (liquidity), or do you just want payments for the rest of your life?