Dec 6, 2023
In this episode, The Annuity Man discussed:
What are MYGAs and SPIAs?
Annuities are contractual commodities
MYGA to SPIA
A MYGA, Multi-Year Guaranteed Annuity, is the annuity industry's version of a CD. The good news about MYGAs is that the interest rate is locked in and non-callable. This means that when interest rates go down, you’re going to be locked in.
Annuities are contractual commodities, meaning that when you're buying them for the contractual guarantees, you can shop all carriers for the highest contractually guaranteed payout for your specific situation based on how you structure them.
Through MYGAs, you can protect the principal, peel off interest, and retain liquidity. After the duration of the MYGA, we can then shop all SPIA carriers and transfer the MYGA to the SPIA.
"You can have your cake and eat it too, you can protect the principle, you can peel off interest if needed during that duration of the MYGA, and at the end of that term, you have full control of the asset." — Stan The Annuity Man.
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