A multi-year guaranteed annuity, or MYGA, works a lot like a CD from an insurance company. You lock in a fixed interest rate for a set number of years.
If you have money sitting in CDs, savings, or a retirement account earning next to nothing, a MYGA is worth a look. You pick a term, usually 3 to 7 years. The insurance company guarantees your interest rate for the full term. Your growth is tax-deferred until you take it out, and your principal is protected from market downturns. You always know exactly what your money is earning.
No statements that make your stomach drop. No guessing. The rate is in the contract, and the contract doesn't move.
This is money you leave alone for the term. If you might need it next year, a MYGA is the wrong place for it, and we'll tell you that. Annuities have surrender charges for early withdrawals, and the only bad annuity is a surprise annuity.
You have options. Take the money. Renew for another term at whatever the current rates are. Or roll it into another annuity, usually without triggering taxes. We'll walk through each one with you before you decide, the same way we walked you in.
We will walk through the surrender schedule before you commit to anything, because you should know exactly what it costs to leave early. And we'll show you the financial strength of the company holding your money, because a guarantee is only as good as the company behind it.
Call or text 318.900.8525. Tell us the amount and the timeline. We'll do the rest.
Tell us the amount and the timeline. We will shop current MYGA rates and show you exactly what it would earn.
