Many Buffalo retirees are looking for safe, predictable ways to grow retirement savings without exposing money to direct stock market risk.
For families throughout Western New York, Multi-Year Guaranteed Annuities, also known as MYGAs, may be worth comparing to CDs, money market accounts, and other conservative savings options.
A MYGA allows you to lock in a fixed interest rate for a set number of years. Your principal is protected from market losses, and your interest grows tax-deferred until withdrawn.
Why Buffalo Retirees Are Comparing MYGAs
Retirees and pre-retirees in Buffalo often want three things:
- Safety of principal
- Competitive fixed rates
- Predictable retirement planning
MYGAs may appeal to people who are uncomfortable with market volatility but still want their retirement savings working for them.
Top 3-Year MYGA Rates Available
| Company | Product | Rating | 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%* |
Top 5-Year MYGA Rates Available
| Company | Product | Rating | 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%* |
Top 7-Year MYGA Rates Available
| Company | Product | Rating | 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%* |
Top 10-Year MYGA Rates Available
| Company | Product | Rating | 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%* |
MYGAs vs CDs
MYGAs are often compared to bank CDs because both offer fixed rates for a specific period of time. However, they are different products.
- CDs are bank products and may be FDIC insured.
- MYGAs are insurance products backed by the financial strength of the issuing insurance company.
- MYGAs may offer tax-deferred growth.
- MYGAs may have surrender charges if money is withdrawn early.
Helping Buffalo Families Since 2001
Mintco Financial has proudly served families in Buffalo and Western New York since 2001. We help retirees compare MYGA rates, fixed annuity options, carrier ratings, surrender periods, and how these products may fit into a broader retirement income plan.
Disclosure
Rates shown are for educational and informational purposes only and may change at any time. Availability may vary by state, age, premium amount, qualification type, and carrier guidelines. MYGA annuities are not FDIC insured. Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Withdrawals may be subject to surrender charges, taxes, and, if taken before age 59½, possible IRS penalties. This is not financial, tax, or legal advice.