Are annuities a good investment?

Like any other retirement savings tool, annuities come with advantages and disadvantages. “Annuities are the only product in the entire financial universe able to provide guaranteed income for a set period of time,” says Ryan Brown, a partner at financial planning firm CR Myers & Associates in Southfield, Michigan.

What is a multi-year guarantee annuity (myga)?

Also known as fixed-rate or CD-type annuities, Multi-Year Guarantee Annuities (MYGA) provide a predetermined and contractually guaranteed interest rate for a set period of time, typically 3-10 years. Rates are based on current interest rates and are subject to change at any time.

Are annuities guaranteed?

Annuity product guarantees rely on the financial strength and claims-paying ability of the issuing insurer. Annuities are not guaranteed by any bank or credit union and are not insured by the FDIC or any other federal government agency. Information presented on this website is not intended as tax or legal advice.