This category includes bonds and securities that are designed to pay a rate of interest over a set time period and then return the investor's principal. The value of fixed-income investments fluctuates in response to interest and inflation rates.

There are different ways to invest in bonds; traditional bonds are generally debt instruments of different companies and government agencies. Returns will vary based on interest income and price changes in the bond market.

With inflation-linked securities, the interest payments tend to rise during periods of accelerating inflation, making them a good choice for more conservative investors. However, neither traditional nor inflation-linked bonds are insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other U.S. government agency.

Annuity account options are available through contracts issued by TIAA or CREF. These contracts are designed for retirement or other long-term goals and they offer a variety of income options, including lifetime income. Payments from the variable annuity accounts and mutual funds are not guaranteed and will rise or fall based on investment performance. Mutual funds do not offer the range of income options available through annuities.