Beyond fixed and variable annuities, you have other choices. Different account options let you choose when you can receive payments. Immediate annuities can pay you within a short period after investment. Your issuer will figure how much to pay based on factors like the principal in the account and your life expectancy. Deferred annuities act in two ways. During the accumulation period, which can last years, you let the money in the account grow. After entering the distribution phase (usually after retirement) you will begin to receive the funds from the account.