Equitable Structured Capital Strategies RILA Explained (2026): Buffers, Caps and Where You Can Lose Money
Written & reviewed by Hans Goldstein, EA, independent licensed insurance producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Product facts checked against Equitable's SEC prospectus filings · Updated
Equitable's Structured Capital Strategies PLUS 21 is a registered index-linked annuity (RILA): higher caps than a fixed indexed annuity, in exchange for real downside. A buffer absorbs the first slice of an index loss; losses beyond it come out of your account value. It is a security sold by prospectus. Hans is insurance-licensed, not securities-licensed, so this page explains it and compares fixed alternatives rather than recommending it.
Contract minimums (checked October 4, 2026): guaranteed minimum cap (RILA) 2% on 1-year segments and 12% on 6-year Standard segments for SCS PLUS 21 Series B; New York contracts carry 30%, 27% and 24% on 6-year segments with 10%, 15% and 20% buffers (SCS PLUS 21 SEC prospectus dated May 1, 2026, checked October 4, 2026). Losses beyond the buffer are not floored. These contractual minimums are backed by the claims-paying ability of the issuing Equitable insurer. To see how this floor compares with other indexed annuities, including RILAs, read guaranteed minimum caps across FIAs (October 2026).
Also see: Brighthouse Shield Level vs Equitable SCS · Nationwide Defender Annuity Review
CD vs MYGA, after tax
What $100,000 earns in 5 years: CD vs MYGA, after tax
Rates used: CD 5.00%, the top nationally available 5-year CD (Bankrate, October 14, 2026); change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| CD, interest taxed every year | $121,081 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $126,136 |
| Tax deferral alone adds about | $674 |
| MYGA ahead of the CD, after tax | $5,055 |
Assumes 22% federal and 0% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge. In an IRA both grow tax-deferred, so the edge there is the rate alone. Bank and credit union deposits are FDIC or NCUA insured up to the limits; a MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
What it is
Structured Capital Strategies (SCS) is Equitable's registered index-linked annuity line; the version sold in recent years is Structured Capital Strategies PLUS 21, offered by prospectus in Series B, Select and ADV classes (SEC prospectus filing; a summary prospectus was dated May 1, 2025). Money goes into index “segments” for a set term. Each segment has an upside cap or participation rate and a downside buffer.
Correction: an earlier version of this page said Equitable was Apollo-owned and quoted “15-25% caps possible.” Equitable is part of Equitable Holdings, Inc., a separate public company. The cap range was not dated or sourced and has been removed.
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How a buffer segment works
| Index result over the segment | 10% buffer segment (hypothetical) |
|---|---|
| Index up 20%, cap 15% | Credited 15% |
| Index up 8% | Credited 8% |
| Index down 8% | 0% (inside the buffer) |
| Index down 25% | -15% (loss beyond the 10% buffer) |
RILA vs fixed indexed annuity vs MYGA
| RILA (e.g. SCS) | Fixed indexed annuity | MYGA | |
|---|---|---|---|
| Can lose principal to markets | Yes, beyond the buffer | No (0% floor) | No |
| Upside | Higher caps in exchange for loss risk | Lower caps | One fixed rate |
| Regulated as | Security (prospectus) | Insurance | Insurance |
| Sold by | Securities-licensed reps | Insurance-licensed producers | Insurance-licensed producers |
If you already own SCS or were quoted it
I don't advise on or sell RILAs. What I can do is take your current account value and show what a fixed contract would pay on it. For comparison, insurers rated A or better were paying about 5.50% to 6.05% on 5-year MYGAs and the best nationally available 5-year CDs about 4.70% to 5.00% APY (MYGAs: public carrier rate sheets, October 14, 2026; CDs: Bankrate and Popular Direct, October 18, 2026).
Current MYGA rates · Annuity vs CD · Best 5-year MYGA rates
Frequently asked questions
What is Equitable Structured Capital Strategies?
A registered index-linked annuity (RILA) from Equitable Financial Life Insurance Company. The current version is Structured Capital Strategies PLUS 21, a variable and index-linked deferred annuity sold by prospectus in Series B, Select and ADV classes.
Can you lose money in a RILA?
Yes. A buffer absorbs the first part of an index loss (for example the first 10%); losses beyond the buffer reduce your account value. That is the difference from a fixed indexed annuity, which has a 0% floor.
What are the current caps?
Equitable sets segment caps when each segment starts and publishes them to financial professionals; this page does not list them because we could not verify a current, dated rate from Equitable. Get the current segment rates and the prospectus from the selling representative.
Is Equitable owned by Apollo?
No. Equitable Financial Life Insurance Company is part of Equitable Holdings, Inc., a public company. An earlier version of this page wrongly said it was Apollo-owned; Apollo owns Athene.
Can Hans sell me a RILA?
No. A RILA is a security and Hans is licensed for insurance, not securities. He can explain how one works and quote fixed alternatives (MYGA, immediate annuity) on the same money.
Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398). Not affiliated with Equitable. Not securities-licensed; nothing here is a recommendation to buy or sell a RILA. Rates are copied from the carrier documents named, with their effective dates; they change often and vary by state and premium. Confirm current rates and read the contract and disclosure before buying. Examples labelled hypothetical are illustrations, not quotes.
Want the fixed-rate alternative on the same money?
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Tell me the amount and horizon. You get what a MYGA or immediate annuity pays, so you can compare it with the RILA quote you have.
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Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
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Disclosure
This review is based on the carrier's public product materials and rates as of the date shown above. Annuity rates, caps, participation rates, payout factors, crediting methods, and long-term care benefit structures change often, sometimes monthly. Confirm current figures in the latest carrier disclosure and the contract before you buy. This is general education, not a personal recommendation or an offer of any product. Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398) appointed with several A-rated carriers. His appointment with the carrier reviewed here may vary, and this review is not an endorsement. No carrier paid for this review. Always read the actual contract and consult a licensed advisor before purchasing any annuity or long-term care insurance product. Past index performance does not predict future credited interest. Annuities and hybrid life+LTC policies are long-term contracts with surrender charges; they are not suitable for funds you may need before the end of the surrender period. AM Best ratings and tax treatment are subject to change. Tax discussion of IRC §7702B, §1035, and the Pension Protection Act of 2006 reflects law as of 2026 and is subject to change.