Annuities, which base their returns on market interest rates, are currently more attractive due to the highest rates since 2001. Fixed annuities are offering higher guaranteed rates, and fixed index annuities now have higher possible caps for returns. 

Variable annuities are less affected by interest rate changes since their returns depend on mutual fund performance. Many annuities offer initial bonuses, which can offset surrender charges if switching from an older annuity with lower rates.

 Age also impacts how beneficial high interest rates are, with younger annuity holders potentially locking in higher lifetime income. However, potential future rate cuts add urgency, but it's essential to ensure annuities align with long-term financial goals to avoid penalties.

Finsum: Fixed annuities are in a very favorable position giving a 40 year high in interest rates.