What Does It Mean To Have Money In A Tax Deferred Annuity? 
A deferred annuity is a type of annuity contract that delays payments of income , installments or a lump sum until the investor elects to receive them . This type of annuity has two main phases , the savings phase in which you invest money into the account , and the income phase in which the plan is converted into an annuity and payments are received . It can be either variable or fixed . 