Dependable insurance product for retirement savings. Easy to understand with strong guarantees!

The Multi-Year Guarantee Annuity (MYGA) is a dependable insurance product for retirement savings. It is easy to understand, offers strong guarantees, and is a solid option for risk-averse clients. Here are some major advantages of using a MYGA for fixed retirement savings:

• A guaranteed and fixed interest rate that matches the surrender period.
• MYGA accumulation value increases daily, with no assumptions regarding returns, allowing owners to know exactly how much their premium will increase from day one. The majority of MYGAs have compounding interest rates, while some offer simple interest or non-compounding products.
• Flexibility in term length. The MYGA offers much shorter terms than other fixed annuities, with some products offering surrender terms as short as three years.
• Income can be withdrawn from a MYGA in different ways. MYGAs also offer guaranteed annuitization factors, allowing owners to know the minimum lifetime income they may receive if they decide to annuitize.
• Rollovers at the end of the term. Clients who do not need or have no plans for their funds can renew their MYGA with the same carrier for a new surrender term at a guaranteed rate.
• Diversity and variety without a steep learning curve. The simplicity of MYGAs makes switching from one carrier to another relatively easy.

However, the yield degradation can be a potential landmine. Failure to act during the 30-day window after the guarantee period can reduce overall yield. Surrender charge schedules for a MYGA with a recurring surrender charge and a more client-friendly MYGA that has no surrender charges or market value adjustments after the guarantee period are examples of this. It is important to know when the 30-day window begins, as it usually starts immediately at the end of the guarantee period, but in some products, it starts 30 days before the end of the guaranteed term.

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