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Home»Retirement»Multi-year guaranteed annuities (MYGAs) vs. CDs
Retirement

Multi-year guaranteed annuities (MYGAs) vs. CDs

May 13, 2025No Comments2 Mins Read
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Multi-year guaranteed annuities (MYGAs) vs. CDs

When it comes to investing your money, two popular options to consider are Multi-year guaranteed annuities (MYGAs) and Certificates of Deposit (CDs). Both offer a fixed interest rate over a set period of time, but there are some key differences to be aware of.

Key Points:

  • MYGAs are offered by insurance companies, while CDs are typically offered by banks.
  • MYGAs often have higher interest rates than CDs, but may have longer lock-in periods.
  • CDs are FDIC-insured up to a certain limit, while MYGAs are not FDIC-insured.
  • MYGAs may offer tax-deferred growth, making them a popular choice for retirement savings.

Why Choose MYGAs?

MYGAs can be a great option for those looking for a guaranteed rate of return over a set period of time. With higher interest rates than CDs and the potential for tax-deferred growth, MYGAs are often favored by those planning for retirement.

Why Choose CDs?

CDs are a safe and secure investment option, as they are FDIC-insured up to a certain limit. While they may have lower interest rates than MYGAs, CDs are a popular choice for those looking for a low-risk investment with a guaranteed return.

Conclusion

Ultimately, the choice between MYGAs and CDs will depend on your individual financial goals and risk tolerance. Both options offer a fixed rate of return, but it’s important to carefully consider the terms and conditions of each before making a decision.

Annuities CDs guaranteed Multiyear MYGAs
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