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One advantage of a fixed annuity over the variable annuity is the stable income stream offered by the fixed annuity. Since the variable annuity’s income is tied to the return of underlying assets, which are usually equity-like the annuity’s income also fluctuates as the return on the underlying assets fluctuates. A disadvantage of fixed annuities is since their income stream is fixed they lose real earning power over time due to inflation. Once the fixed or variable contracts are annuitized meaning the investor decides to have the payments sent to them for life, both fixed and variable annuities are equally difficult to terminate.