With a deferred fixed annuity, you receive income starting at a later date, usually at retirement. With a deferred fixed annuity, you can invest either a lump sum or make periodic payments. These funds grow – tax deferred – until you’re ready to begin receiving income. When you are ready to spend the money, you can make withdrawals on an as needed basis or annuitize and begin to receive a steady stream of income. What is annuitize? The point at which you begin to receive regular payments from your annuity. These payments can be received for as short as five years or even as long as over two lifetimes.