Does anyone here use a MYGA for income?

[jazz4cash]

So, this would make this kind of like a CD that pays monthly interest. The downside would be you're pretty much stuck with the investment since surrender charges are steep. Seems a monthly paying CD would be better (assuming the rate and term are equal).

Yes, they are often called “CD-like” annuities. I don’t think it’ll be easy to find a CD (brokered or otherwise) that pays the same for a given term. You are taking more risk since these are not FDIC insured so ypu should get a reward for taking more risk. The yield curve for these products is not as inverted as other products. The peak is 4-6 yrs but more or less flat 6-10yrs

The monthly interest payment for MYGA is not significant IMO if you can wait a bit. You could let the principal compound for a few months and withdraw upto 10% to fund monthly expenses. You will earn more and withdraw more if you wish.