There are many types of annuities. One type is a Multi-Year Guaranteed Annuity, or MYGA. MYGAs typically have shorter commitment periods. A MYGA is appropriate for someone who is retired or close to retirement, and who prefers tax deferral income stability. Some other benefits include access to funds, tax deferral, very minimal fees & charges and wealth transfer.
Our goal is to help individuals and families determine if they are a suitable candidate for an annuity. To make this recommendation, our team will evaluate your financial objectives, current financial situation, and investment or savings horizon.
Here are the fast facts on the MYGAs we offer:
- Rates are based on length of contract and the rate available at the time of purchase. Then, that rate is maintained. Note: Interest rates have been changing rapidly. Please call the office for the current rate.
- Current annuity rates exceed current local CD rates.
- Interest is compounded daily! Interest rates are quoted as annual effective yields.
- You do not pay taxes on the gains until you liquidate the annuity.
- Available for ages 18-85 years old.
- Minimum deposit is $10,000.
Maturing CDs, checking and savings accounts, money market funds, mutual fund accounts, stocks and bond funds, IRA rollovers, treasury bonds and bills (plus many more) are all kinds of funds that could go into an annuity.
At Twin City Underwriters, we know that individualized attention to a client’s personal situation and needs are especially important, which is why we take the time to understand you and your financial goals. Contact us to get started.
