MYGA Annuities in New York

A Multi-Year Guaranteed Annuity (MYGA) is one of the simplest annuity products available. You deposit a lump sum with an insurance company, and they guarantee a fixed interest rate for a set term, typically 2 to 10 years. At the end of the term, you receive your principal plus all accumulated interest.



Think of it as a CD, but issued by an insurance company rather than a bank, and often with a higher guaranteed rate. Unlike CDs, MYGAs also grow tax-deferred, meaning you don't owe taxes on the interest until you withdraw it. For retirees who don't need immediate access to that money, the combination of a locked rate and tax-deferred growth can make a meaningful difference over time.

MYGAs are straightforward by design. Here's what to understand before deciding if one fits your situation.

1. Fixed Rate, Fixed Term: When you open a MYGA, your interest rate is locked for the entire term. If you open a 5-year MYGA at 5.10%, that rate doesn't change regardless of what interest rates do in the market during those five years.
   
   
2. Tax-Deferred Growth: Interest accumulates without being taxed each year. You only pay taxes when you make withdrawals. This makes MYGAs particularly useful inside a non-qualified account where you're looking to defer a tax bill.
   
   
3. Free Withdrawal Provisions: Most MYGAs allow you to withdraw up to 10% of your account value each year without penalty. Withdrawals beyond that during the surrender period may trigger a surrender charge, so it's important to match the term length to your actual timeline.
   
   
4. Renewal Options: At the end of your term, you typically have the option to renew at the current rate, withdraw your funds, or roll into a different product. You're not locked in forever.
   
   
5. Death Benefit: Like most annuities, MYGAs pass remaining account value directly to your named beneficiaries, bypassing probate.
   

Finding the right MYGA means comparing rates and terms across multiple carriers, not just taking whatever one company offers. Rates vary more than most people expect, and a half-percent difference on a $200,000 deposit compounds into real money over five years.

At Jason Hrzich American Senior Benefits, we shop across carriers to find the most competitive rate for your deposit size and timeline. We also look at how a MYGA fits within your broader retirement picture, because the best rate in isolation isn't always the best decision in context.



If you're in New York and want to see what your money could earn with a guaranteed rate, schedule a free consultation below. We'll walk you through current rates, compare your options, and help you decide if a MYGA belongs in your plan.