If you live in Tampa, Florida and are looking for a safe place to protect retirement money, a MYGA annuity may be worth reviewing. MYGA stands for Multi-Year Guaranteed Annuity. It offers a guaranteed interest rate for a set period of time.
As of May 2026, MYGA rates available in Florida are competitive, with listed rates ranging from about 5.00% to 6.05%, depending on carrier, term, rating, and premium requirements. :contentReference[oaicite:0]{index=0}
Current MYGA Rates in Florida – May 2026
| Term | Top Listed Carrier | Rate | A.M. Best |
|---|---|---|---|
| 2 Years | Axonic Waypoint | 5.00% | A- |
| 3 Years | Farmers Life Safeguard Plus | 5.65% | B++ |
| 5 Years | Farmers Life Safeguard Plus | 6.00% | B++ |
| 7 Years | Farmers Life Safeguard Plus | 5.95% | B++ |
| 10 Years | Farmers Life Safeguard Plus | 6.05% | B++ |
Why Tampa Retirees Are Looking at MYGAs
Tampa retirees often want safety, predictable growth, and less exposure to stock market volatility. A MYGA may help provide a guaranteed interest rate without daily market risk.
- Guaranteed rate for a set term
- No direct stock market exposure
- Tax-deferred growth
- Potential CD alternative
- Useful for conservative retirement planning
MYGA vs CD in Tampa
Many Tampa investors compare MYGAs to bank CDs. Both offer predictable returns, but they work differently.
| Feature | MYGA | CD |
|---|---|---|
| Growth | Tax-deferred | Taxed annually |
| Guarantee | Insurance carrier | Bank / FDIC limits |
| Liquidity | Limited withdrawals | Early penalty possible |
Who Should Consider a MYGA in Tampa?
A MYGA may make sense if you have money in CDs, cash, or conservative investments and want a guaranteed rate for a defined period.
- Retirees seeking predictable growth
- People with maturing CDs
- Investors wanting less market risk
- Those seeking tax-deferred conservative growth
- People with cash from a home sale or rollover
What to Watch Before Buying a MYGA
The highest rate is not always the best choice. Before choosing a MYGA, review the carrier rating, surrender period, liquidity rules, and how the annuity fits into your retirement plan.
- Carrier financial strength
- Surrender charge period
- Free withdrawal provisions
- Minimum premium requirements
- Qualified vs non-qualified money
FAQ: Best MYGA Rates Tampa 2026
What is the best MYGA rate in Tampa for May 2026?
Based on the May 2026 rate sheet, one of the highest listed MYGA rates is 6.05% for a 10-year term with Farmers Life Safeguard Plus. :contentReference[oaicite:1]{index=1}
Are MYGAs safe?
MYGAs are not tied directly to the stock market. Guarantees are backed by the claims-paying ability of the issuing insurance company.
Are MYGAs better than CDs?
MYGAs may offer higher rates and tax-deferred growth, but CDs may offer more liquidity and FDIC insurance. The best choice depends on your goals.
Can I access money from a MYGA?
Many MYGAs allow limited annual withdrawals, often around 10%, but contract rules vary. Surrender charges may apply if you withdraw more than allowed.
Who should avoid a MYGA?
A MYGA may not be ideal if you need full liquidity, want market growth, or are unsure about locking funds in for the guaranteed term.
Final Thought
MYGAs can be a useful tool for conservative retirement planning in Tampa. They are not right for everyone, but in 2026, rates remain attractive for people seeking safety, tax deferral, and predictable growth.
Disclosure: This material is for informational and educational purposes only and should not be considered financial, tax, legal, or insurance advice. MYGA rates change frequently and vary by carrier, state, product, age, premium amount, and availability. Guarantees are backed by the claims-paying ability of the issuing insurance company. Surrender charges and tax penalties may apply.