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LSDefine
Simple English definitions for legal terms
fixed income
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A quick definition of fixed income:
Fixed income refers to money that is received at a constant rate, such as a payment from a pension or annuity. It is a type of income that does not change and is received regularly. This is different from other types of income, such as wages or investment income, which can vary depending on different factors. Fixed income is important for people who want to plan their finances and budget their expenses.A more thorough explanation:
Fixed income refers to money received at a constant rate, such as a payment from a pension or annuity. It is a type of income that does not change over time.
Examples of fixed income include:
- A monthly pension payment
- An annuity payment
- A bond that pays a fixed interest rate
These examples illustrate fixed income because they provide a set amount of money at regular intervals, without any variation in the payment amount.