A Deferred Annuity is a financial product you can buy, usually from an insurance company, to help grow your retirement savings over time. You put in money either all at once or through a series of payments, and instead of receiving income right away, the money stays invested and grows tax-deferred until you choose to start taking withdrawals later, often during retirement. Because you’re waiting to access the money, a deferred annuity can give your investment more time to grow. These annuities can offer a fixed return, be tied to market performance, or combine both, depending on the type you choose.