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What is a MYGA?
A multi-year guaranteed annuity (MYGA) is a fixed annuity from an insurance company that locks one guaranteed interest rate for a set term, typically 3 to 10 years, with tax-deferred growth.
It is not a bank CD and is not FDIC-insured: the guarantee is backed by the issuing insurer’s claims-paying ability, and surrender charges apply to early withdrawals above the free amount. For California residents, deferral matters because the state taxes CD interest every year at up to 13.3%.
What is a MYGA? The complete guide · Best 5-year MYGA rates · Annuity calculator
See the CD-vs-MYGA tax calculator
Browse current carrier-by-carrier scorecards on the Annuity Reviews hub.
Rates expire like milk.
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SPIAs (Single Premium Immediate Annuities)
Convert a lump sum into guaranteed lifetime income starting immediately. Often the best retirement-income tool when you need pension-like cash flow and a longevity hedge. SPIA payout rates change weekly across carriers, so compare several at once. Estimate yours with the immediate annuity calculator.
Fixed-Index Annuities (FIAs)
Principal protection with index-linked upside. Caps, participation rates, and rider fees vary enormously across carriers and products. Read Hans's free guide (PDF) for an honest plain-English breakdown of how the caps, par rates, and surrender schedules actually work, and what the brochure leaves out.
Full carrier-by-carrier FIA scorecards on Annuity Reviews.
Asset-Based Long-Term Care
Hybrid life/annuity products with LTC riders that fund nursing-home, in-home care, or assisted-living expenses on a tax-leveraged basis. See the LTC Reviews hub for OneAmerica Asset Care, Securian SecureCare, Nationwide CareMatters and the full comparison.
Fixed vs variable annuities
Both are insurance contracts with tax-deferred growth. The difference is who carries the market risk and how many layers of charges you pay. Fixed indexed annuities sit in between: index-linked interest with a 0% floor and caps that reset yearly.
| Fixed (MYGA, fixed indexed) | Variable | |
|---|---|---|
| Who carries the investment risk | The insurer; it declares your rate | You, through the funds you pick; you can lose money |
| Minimum return | A deferred fixed annuity pays no less than a stated minimum rate | None, except in a fixed account option |
| Yearly charges | No separate M&E, admin or fund charge on a plain contract | M&E about 1.25% plus admin about 0.15%, plus fund and rider fees |
| Regulated by | State insurance departments | State insurance departments, plus the SEC and FINRA (it is a security) |
| FDIC or SIPC insured | No | No |
Sources: SEC Investor Bulletin: Variable Annuities (October 30, 2018) and FINRA, Annuities, checked October 4, 2026. If you mainly want a known rate, start with current MYGA rates.
Related Tools & Reviews
- Annuity Reviews, 300+ products with real cap rates and surrender schedules
- Calculators, CD-vs-MYGA, SPIA payout, Roth conversion, IRMAA
- LTC Reviews, asset-based LTC hybrids
- Retirement Planning Hub
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