In a city where financial decisions matter and uncertainty can be costly, many New York City retirees and pre-retirees are looking for safer ways to preserve and grow their wealth.
While market volatility continues to create anxiety for many investors, Multi-Year Guaranteed Annuities (MYGAs) have emerged as a popular solution for individuals seeking predictable returns and principal protection.
A MYGA allows you to lock in a guaranteed interest rate for a specified number of years while avoiding direct exposure to stock market losses. For many New Yorkers, this combination of safety and predictability can provide peace of mind during retirement planning.
Why Are New York Investors Looking at MYGAs?
Many individuals nearing retirement are asking:
- Where can I earn more than a savings account?
- How can I reduce stock market risk?
- What alternatives exist to CDs?
- How can I create greater certainty in retirement?
MYGAs can provide:
- Guaranteed fixed interest rates
- Tax-deferred growth
- Principal protection
- No direct market risk
- Predictable accumulation
Current Top 3-Year MYGA Rates
| Carrier | Product | AM Best | Rate |
|---|---|---|---|
| Farmers Life | Safeguard Plus | B++ | 5.65% |
| Axonic | Waypoint | A- | 5.45%* |
| Heartland National | Secure Rate | B++ | 5.40% |
| ELCO Mutual | Guardian Eagle | B++ | 5.15% |
| Oceanview | Harbourview | A | 5.05%* |
Current Top 5-Year MYGA Rates
| Carrier | Product | AM Best | Rate |
|---|---|---|---|
| Farmers Life | Safeguard Plus | B++ | 6.00% |
| Heartland National | Secure Rate | B++ | 5.75% |
| Axonic | Waypoint | A- | 5.70%* |
| ELCO Mutual | Guardian Eagle | B++ | 5.40% |
| Sagicor | Milestone Max | A- | 5.40%* |
Current Top 7-Year MYGA Rates
| Carrier | Product | AM Best | Rate |
|---|---|---|---|
| Farmers Life | Safeguard Plus | B++ | 5.95% |
| Heartland National | Secure Rate | B++ | 5.80% |
| Axonic | Waypoint | A- | 5.50%* |
| Oxford Life | Multi-Select | A | 5.45% |
| Sagicor | Milestone Max | A- | 5.45%* |
Current Top 10-Year MYGA Rates
| Carrier | Product | AM Best | Rate |
|---|---|---|---|
| Farmers Life | Safeguard Plus | B++ | 6.05% |
| Heartland National | Secure Rate | B++ | 5.90% |
| Oceanview | Harbourview | A | 5.65%* |
| Axonic | Waypoint | A- | 5.50%* |
| Royal Neighbors | MYGA | A | 5.50%* |
Who May Benefit From a MYGA?
MYGAs are often considered by:
- Retirees seeking predictable growth
- Individuals nearing retirement
- Investors concerned about market volatility
- People comparing alternatives to CDs
- Conservative investors seeking principal protection
Many New York City residents use MYGAs as part of a diversified retirement strategy that balances growth opportunities with stability and income planning.
Important Considerations
MYGA annuities are insurance products and are not FDIC insured. Guarantees are backed by the claims-paying ability of the issuing insurance company.
Before purchasing a MYGA, investors should review carrier ratings, surrender schedules, withdrawal provisions, and how the annuity fits within their overall financial plan.
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