Mar 22, 2023
In this episode, The Annuity Man discussed:
What are MYGAs?
How MYGAs work
Locked in MYGAs
MYGAs or fixed-rate annuities are the annuity industry’s version of a CD. The advantage is that you have full control over it, and you can transfer it back to where it came from or roll it to another one.
There is no trigger function on MYGAs. The way it works is that you give the life insurance company that issues annuities a lump sum of money and they guarantee an interest rate for a specific period of time.
Some MYGAs allow you to lock in the money for a specific period of time, which is the better choice if you just want the interest to compound and you don’t plan on touching it.
"A push comes to shove MYGA… Push comes to shove, it allows you to take money out if you need it but you don't have to. But if push comes to shove, you can." — Stan The Annuity Man.
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