Financial Planner Explains How In This Video
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MYGAs (Multi Year Guaranteed Annuities) are multi-year, single deposit deferred contracts with a guaranteed interest rate for the term of the contract (ranging from 2 to 10 years). Minimum and maximum deposit limits exist. Issue ages vary. Surrender charges may apply to early withdrawals. Market Value Adjustments (MVA) apply to the full amount of surrender that is in excess of any free withdrawal during the multi-year guarantee period. Annuities are not guaranteed by any bank or credit union and are not insured by the FDIC or any other federal government agency. Not all annuities are available in all states. Guarantees backed by the financial strength and claims-paying ability of the issuing company. Early withdrawals and those made prior to age 59 1/2 may be subject to IRS penalty. Please contact a financial or legal professional regarding taxes and retirement plans.
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