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Determine the type of payout of your annuity. Determine the investment type of your annuity. Know your liquidity options.

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Check your paperwork or call the issuing firm to find out whether your payout is immediate or deferred. If it is an immediate annuity, the payments will begin immediately after your initial investment. If you have a deferred annuity, it will accumulate regular rates of interest. Your investment may be fixed or variable—you can also check your paperwork or call the issuing firm to find out this information. A fixed annuity will have a guaranteed rate of interest, and therefore a guaranteed payout. A variable annuity depends heavily on the performance of its underlying investments and therefore offers payouts that may vary from month to month. You choose the investments at the time you purchase the annuity. This annuity is also tax-deferred. Check your annuity contract or call the issuing firm to find out your annuity's liquidity options—it may have penalties for early withdrawal. Some annuities with withdrawal penalties may allow you to withdraw a portion without penalty, however, while other annuities may be available without any withdrawal penalty, such as no-surrender or level-load annuities.