I think variable annuities are a great tool for people 50+ that are hoping to get more growth out of their retirement accounts, but want to limit downside risk. To me (but probably not Dave Ramsey), the extra fees are justified by the guarantees. I wouldn’t touch a fixed annuity in a low rate environment. They are pretty restrictive and you’re probably better off shopping for CDs or a bond fund. The caveat here is that some fixed annuities will pay you a guaranteed rate for new money additions after the fixed annuity is opened. So if you open a fixed annuity in a high rate environment at 4%, you might be able to continue adding new money at 4% when rates are abysmal like they were 5-10 years ago. For that reason, I will probably open a small fixed annuity the next time we’re in a high rate environment just so I always have that guaranteed 4% bucket if (when?) the economy collapses again.