Fixed annuities offer an excellent way to save for retirement or to provide an immediate retirement income pay-out. Annuities grow on a tax-deferred basis, meaning that the interest earned is not taxed until withdrawn or surrendered, cashed-in. Fixed annuities come with many attractive features and can be used as an IRA, Individual Retirement Account. Many retirees use annuities to provide a post-retirement income. Either way, whether someone is looking to save for retirement or is looking to retire, an annuity is considered by many to be a very good savings or income producing product.