Goldstein Scorecard: A- (dated October 4, 2026). See how it is graded.
Securian (Minnesota Life) SPIA Review (October 2026): IncomeToday! 2.0 Payouts, Options and the Advance Withdrawal Benefit
Written & reviewed by Hans Goldstein, EA, Independent Licensed Insurance Producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Facts verified against Securian's IncomeToday! 2.0 rate announcement (rates as of 10/1/2026), quick facts and ratings sources on October 4, 2026 · Updated
Securian's SPIA is IncomeToday! 2.0, issued by Minnesota Life Insurance Company (AM Best A+, affirmed December 4, 2025). Securian's rate announcement for October 1, 2026 shows $685.58 a month for a 65-year-old man, life only, per $100,000 nonqualified. It takes $10,000 to $2 million, issue ages up to 90, and offers a one-time Advance Withdrawal Benefit on period-certain options. It is not sold in New York.
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.
IncomeToday! 2.0 payouts (rates as of October 1, 2026)
| Annuity income option | Monthly income | Annual income as % of premium |
|---|---|---|
| Period certain, 10 years | $1,029.41 | 12.35% |
| Period certain, 15 years | $783.87 | 9.41% |
| Period certain, 20 years | $665.16 | 7.98% |
| Single life, male 65 | $685.58 | 8.23% |
| Single life with 10-year period certain, male 65 | $665.05 | 7.98% |
| Single life with 20-year period certain, male 65 | $614.97 | 7.38% |
| Single life, female 65 | $654.71 | 7.86% |
| Single life with 10-year period certain, female 65 | $639.91 | 7.68% |
| Single life with 20-year period certain, female 65 | $602.52 | 7.23% |
| Joint life, 100% to survivor, male 65 / female 65 | $581.31 | 6.98% |
The "% of premium" column is not an interest rate. A 10-year period certain paying 12.35% a year is mostly your own premium coming back over 10 years. Compare income annuities to each other in monthly dollars for the same option and age.
Correction: an earlier version of this page said Securian's payouts "ranked in the top five in most CANNEX comparison periods," gave Fitch as AA-, and cited "~$100B+ AUM" and "140+ years." None of those came from a dated primary source.
Securian's own page shows Fitch AA, "145+ years in business" and $38.0B total invested assets (2025). Weiss and COMDEX grades, renewal and service tiers, a star rating, competitor payout gaps, composite "Karen" and "Donald" examples and generic forum complaints are removed.
Contract basics
| Feature | IncomeToday! 2.0 |
|---|---|
| Issuer | Minnesota Life Insurance Company (all states except New York); policy form ICC21-70645 |
| Issue ages | Up to 90 for owner and/or annuitant; 85 for single or joint life only options |
| Purchase payment | $10,000 minimum; $2 million maximum without prior company approval |
| Plan types | Nonqualified, Traditional IRA, Roth IRA |
| Period certain only | 5 to 30 years (based on availability) |
| Single life options | Life only; life with 5 to 30 years certain; life with cash refund; life with installment refund |
| Joint life options | 100%, 66.67% or 50% to survivor; with period certain of 5 to 30 years; joint life with cash refund (100% to survivor) |
| Payment frequency | Monthly, quarterly, semi-annual or annual; first payment up to one year after issue; payment dates 1st to 27th |
| Advance Withdrawal Benefit | Optional, no additional cost, on options with a period certain: one-time withdrawal of 25% to 75% of the present value of remaining period-certain payments, $1,000 minimum |
| Changes after purchase | Income option, frequency and payment dates cannot be changed once elected |
| Other elections | Non-Assignability Endorsement (for eligibility for certain government benefits; consult an attorney) |
How the Advance Withdrawal Benefit works on a life-with-period-certain option: the withdrawal lowers payments only for the rest of the period certain, in proportion to the share of the withdrawal value you took. After the period certain ends, lifetime payments return to the original amount. On a period-certain-only option, payments simply end at the end of the period.
Also see: EquiTrust Life SPIA Review · Prudential Defined Income Variable Annuity Review
Is the annuity you're looking at actually the best one available?
Send your email and I'll send what it really guarantees, what the surrender schedule costs you, and the two or three carriers paying more for the same guarantee. If it's already a good fit, I'll tell you that.
We’ll email it to you. Hans reads every one himself and replies within one business day. Hans Goldstein · NPN 20602398.
Rather talk it through? Or book 15 minutes on Hans’s calendar.
Goldstein Scorecard (dated October 4, 2026)
| Dimension | Grade | Basis (sourced fact) |
|---|---|---|
| Financial strength | A | AM Best A+ (Superior, second highest of 16), affirmed December 4, 2025; Fitch AA, Moody's Aa3, S&P AA- (Securian, as of 12/31/2025) |
| Payout competitiveness | Incomplete | Securian's payouts are public ($685.58/month, male 65, life only, 10/1/2026), but I have no other insurer's published payout for the same day to grade against |
| Guaranteed floor | Not applicable | Payment is fixed in the contract at purchase |
| Liquidity | B- | Irrevocable income, but a one-time 25% to 75% Advance Withdrawal Benefit on period-certain options at no added cost |
| Costs | B | No separate fee disclosed; cost is built into the payout; Advance Withdrawal Benefit has no additional cost |
| Transparency | A | Dated rate announcement, quick facts sheet and brochure are publicly posted |
| Overall | A- | Strong insurer, public dated payouts, a real liquidity feature; payout rank not graded |
Pros and cons
Pros
- Minnesota Life is rated A+ (Superior) by AM Best, affirmed December 4, 2025.
- Securian posts a dated payout announcement, so you can check a quote against it.
- Advance Withdrawal Benefit gives one-time access on period-certain options at no additional cost.
- Wide option menu: 5 to 30 year periods, cash and installment refund, three survivor percentages.
- High issue age: up to 90 (85 for life-only options).
Cons
- Not available in New York.
- The income option, frequency and payment dates cannot be changed once elected.
- No cost-of-living increase option is listed in the quick facts.
- The Advance Withdrawal Benefit does nothing on a life-only option.
Who it's for, and when to look elsewhere
Fits: someone who wants income starting within a year, from an A+ rated insurer, and who likes having a one-time emergency withdrawal on a life-with-period-certain option.
Look elsewhere if: you want growth with your principal intact. A MYGA locks a declared rate for the term and you keep the account value.
For comparison, A-rated-or-better insurers 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 rates: MYGA rates. Also look elsewhere if you live in New York, want built-in yearly payment increases, or may need the lump sum back.
Compare: immediate annuity calculator · annuity payout calculator · SPIA rates guide · Securian fixed indexed annuity review · Mutual of Omaha income annuity review
Questions to ask your agent
- "What exact monthly payment does my contract set, under which option, and what is the minimum paid to my beneficiary (period certain or refund) if I die early? Please give it in writing with the quote date."
- "Is there any surrender or withdrawal right besides the Advance Withdrawal Benefit, and how would a 25% or 50% advance change my payments?"
- "Is your quote higher or lower than Securian's October 1, 2026 rate announcement for my age, and why?" (State premium tax and deferral period can change it.)
- "What did two other A-rated insurers quote today for the same age, amount and option?"
- "How are you paid on this SPIA, and what commission percentage does Securian pay?" (Commission comes from the insurer and is built into pricing; it is not deducted from your premium. See how annuity commissions work.)
From my desk
When an IncomeToday! 2.0 quote comes in, I first line it up against Securian's own rate announcement for the same date. The announcement assumes $100,000, nonqualified, a one-month deferral and no premium tax, so a quote for IRA money, a later start or a premium-tax state will not match exactly, but it should be in the same neighborhood.
The number buyers most often misread is the income percentage. The 12.35% on a 10-year period certain is not a yield; after 10 years the contract is done and most of what you received was your own money. Compare income annuities by monthly dollars for the same option, and compare yields only against other yields.
Against a MYGA, the question is whether you need the income now. A MYGA keeps the principal and credits a declared rate, and you can turn it into income later. A SPIA trades the principal for a payment a MYGA's interest alone usually cannot match. Payments are backed by the claims-paying ability of Minnesota Life Insurance Company. For taxes, see how the SPIA exclusion ratio works.
Frequently asked questions
What is Securian's immediate annuity called?
IncomeToday! 2.0, a single payment immediate annuity issued by Minnesota Life Insurance Company, part of Securian Financial. It is not available in New York.
What does IncomeToday! 2.0 pay right now?
Securian's rate announcement for rates as of October 1, 2026 shows, per $100,000 nonqualified with a one-month deferral: $685.58 a month for a 65-year-old man life only, $654.71 for a 65-year-old woman life only, $581.31 for joint life 100% to survivor (both 65), and $1,029.41 for a 10-year period certain. Securian labels these illustrative; rates can change at any time.
What are the IncomeToday! 2.0 issue ages and premium limits?
Up to age 90 for the owner or annuitant (85 for single or joint life only options), a $10,000 minimum, and $2 million maximum without prior company approval. Nonqualified, Traditional IRA and Roth IRA money is accepted.
Can I get money out of a Securian SPIA after I buy it?
Only through the optional Advance Withdrawal Benefit, available at no additional cost on options with a period certain: a one-time withdrawal of 25% to 75% of the present value of the remaining period-certain payments (minimum $1,000). It reduces payments for the rest of the period certain. The income option, frequency and payment dates cannot be changed once elected.
What is Minnesota Life's AM Best rating?
A+ (Superior). AM Best affirmed it on December 4, 2025 (AM Best press release). Securian's financial strength page, with ratings as of December 31, 2025, also lists Fitch AA, Moody's Aa3 and S&P AA-.
Is a Securian SPIA payment taxable?
Securian states income payments are generally taxable as ordinary income when received. For nonqualified money, part of each payment is usually treated as a return of premium under the exclusion ratio; IRA-funded payments are generally fully taxable.
Sources (checked October 4, 2026)
- Securian Financial, IncomeToday! 2.0 rate announcement, rates as of October 1, 2026 (F74483).
- Securian Financial, IncomeToday! 2.0 quick facts and IncomeToday! 2.0 brochure.
- Securian Financial, Immediate annuities consumer page, checked 10/4/2026.
- Securian Financial, Financial strength page, ratings as of December 31, 2025; 2025 capital and invested assets.
- AM Best, AM Best Affirms Credit Ratings of Securian Financial Group, Inc. and Its Subsidiaries, December 4, 2025.
- MYGA and CD benchmark: public carrier rate sheets (MYGAs, October 14, 2026) and DepositAccounts (CDs, September 24, 2026).
Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398). Not affiliated with Securian Financial. Payouts are copied from the Securian document named, with its date; they change often and vary by state, age and option. Confirm a current quote and read the contract before buying.
Get a second opinion before you sign
Talk to Hans Goldstein, a licensed independent insurance producer.
SPIAs are irrevocable. Once you sign, your principal is gone. Before you commit, how does this insurer's payout compare with other quotes for your age? Are you choosing the right payout option (life only vs. cash refund vs. joint)? Payouts for the same deposit can differ between insurers, so compare quotes before you sign.
Send your details. Within one business day you get a written review of your quote, a side-by-side with two alternatives, and a free 15-minute call if you want one.
Rather talk it through? Or book 15 minutes on Hans’s calendar, or call 213-414-2808.
Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
We’ll email it to you. Hans replies within one business day. Privacy Policy.
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.