Plain math on every U.S. Treasury product: T-Bills, T-Notes, T-Bonds, I-Bonds, TIPS. Real yield comparisons, state tax edge breakdowns, MYGA head-to-heads, TreasuryDirect vs brokered. Written for retirees who want truth, not sales pitches.
Admitted to practice before the IRS. I don't sell Treasuries. There's no commission on them. I review them because every MYGA, IUL, or annuity conversation starts with: "what about just buying Treasuries instead?" These pages answer that question with real math, not opinion.
Treasury note vs MYGA, after tax
Rates used: Treasury note 5.06%, the 5-year Treasury par yield (U.S. Treasury, October 2, 2026); Treasury interest is free of state tax; 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).
| Treasury note, interest taxed every year | $121,354 |
|---|---|
| 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 treasury note, after tax | $4,781 |
Assumes 22% federal and 0% state income tax, no withdrawals, rates held for the whole term. Treasury interest is free of state tax, so state tax applies to the MYGA only. 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. 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.
For cash you'll need within 12 months. State-tax-exempt yield, weekly auctions, FDIC-grade safety with no $250K cap.
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The best MYGA, CD and savings rates change every few weeks. Get a short email when a rate on this page changes.
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Sometimes a MYGA, fixed indexed annuity, or laddered combination beats them on after-tax yield. Free 20-min review. I'll show you the math both ways with no pitch.
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Hans Goldstein · Retirement & income planning
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Hans Goldstein is an Enrolled Agent, admitted to practice before the Internal Revenue Service. Not affiliated with or endorsed by the IRS. General education, not tax or legal advice for your situation.