A Multi-Year Guaranteed Annuity (MYGA) is the annuity equivalent of a CD, it guarantees a fixed interest rate for a set period (typically 3-10 years). MYGAs often offer higher rates than CDs because they're backed by insurance companies rather than banks, and the interest is tax-deferred.
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When an annuity actually fits
A floor, not a fortress.
Used right, an annuity is the income floor your retirement budget rests on. Used wrong, it's a high-fee box your money is locked inside. We model both before recommending either.
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