MYGA Holders, which Annuity Broker did you use to buy it?

[ShokWaveRider]

www.gainbridge.life
Would be my first purchase there too. The standard commission on a MYGA sale seems to be 1.5%, so cutting that agent cost out via direct online sales should lead to a higher rate.

Thanks, the fact I cannot find an AM Best Rating does bother me some though.

 

[pletal]

All ours are in groups of $200k ( 6 x $200k to be precise) so they can be fully covered (including interest) by our states guarantee. Being the funds are/were sitting in a Bank account getting 0.4% waiting for rates to go up, a little more delay is insignificant really when amortized over the MYGA 5 year period, at least not to us, it is worth it.

That’s exactly what I am doing, keeping it below the state limit. It’s hard to resist the rates vs CD rates at the moment. And the part about not getting taxed on interest every year helps. It actually kept us in a lower tax bracket opin 2020

 

[ShokWaveRider]

That’s exactly what I am doing, keeping it below the state limit. It’s hard to resist the rates vs CD rates at the moment. And the part about not getting taxed on interest every year helps. It actually kept us in a lower tax bracket opin 2020

Yes, Great for those who need the ACA too.

 

[Chuckanut]

I appreciate this information.

I have a small 0.65% CD maturing in a few weeks and will probably use it to buy my first MYGA. I always start small just in case I get surprised.

I recall last year when I bought the 0.65% CD. It was sure better than the 0.4% offered on a the regular savings plan. Over 50% more interest! Today, it's not so good.

 

[jazz4cash]

I recall last year when I bought the 0.65% CD. It was sure better than the 0.4% offered on a the regular savings plan. Over 50% more interest! Today, it's not so good.

Aren’t you glad you only locked it up for 1 year?

 

[ShokWaveRider]

MYGA all set up and issuing returns Daily. 4.3% for 5 years with A Rated company. Blueprint was efficient and responsive. There was one blip, and it was in the funding, my checks do not have my fill "Double-Barreled" hyphenated last name. The insurance company did not like that. I ended up wiring the finds, contract was issued the next day. FYI $200k is paying $23.07 a day.

All good. Just 5 more to go.

 

[capjak]

I found Stan and immediate annuities to have the same quotes when I was checking last week, and Stan was a few $$ higher than Blueprint today. Maybe rates dropped from the quote I got from Stan yesterday. The 2nd highest rate went up a bit, but the highest one (Mass Mutual, rated A++) dropped $28/month so I'm glad to be locked in.

I'm 60 now. I started with 20-25% of what I plan to put in annuities by 70 or 75, if my health stays good.

Just saw this, I was looking at A+ rated companies and saw Blueprint had the highest payout of the three.

Didn't look at Mass Mutual since lower payout than Penn or Northwestern A+ rated.

 

[target2019]

I appreciate this information.

I have a small 0.65% CD maturing in a few weeks and will probably use it to buy my first MYGA. I always start small just in case I get surprised.

I recall last year when I bought the 0.65% CD. It was sure better than the 0.4% offered on a the regular savings plan. Over 50% more interest! Today, it's not so good.

I have a 0.70% CD. I remember saying to myself, "This rate won't go up much in a year!"

 

[pletal]

MYGA 4.8 percent

Which MYGA is this?

Looked on Blueprint income today. They have 4.8 percent for 7 years. Looks like a good place to store money for a few years.

 

[ShokWaveRider]

Looked on Blueprint income today. They have 4.8 percent for 7 years. Looks like a good place to store money for a few years.

Yes, 7 is a little too long for my horizon though, but I agree it is. Although, it is probably a B++ rated company, I like to stick with A and above personally.

 

[pletal]

Yes, 7 is a little too long for my horizon though, but I agree it is. Although, it is probably a B++ rated company, I like to stick with A and above personally.

It is Aspida Rated A- 4.8% for 7 years cannot withdraw or 4.7% can withdraw. I have a gap in my fixed income ladder and 7 years will fill part of that gap. Doing it in a couple of weeks. Maybe higher by that time. As we get older our horizon will be shrinking. I don't think I am going over 7 years on anything right now.

 

[ShokWaveRider]

It is Aspida Rated A- 4.8% for 7 years cannot withdraw or 4.7% can withdraw. I have a gap in my fixed income ladder and 7 years will fill part of that gap. Doing it in a couple of weeks. Maybe higher by that time. As we get older our horizon will be shrinking. I don't think I am going over 7 years on anything right now.

That is good, I would go with an A- and be comfortable. But would prefer 5 years with withdrawals.

 

[jazz4cash]

It is Aspida Rated A- 4.8% for 7 years cannot withdraw or 4.7% can withdraw. I have a gap in my fixed income ladder and 7 years will fill part of that gap. Doing it in a couple of weeks. Maybe higher by that time. As we get older our horizon will be shrinking. I don't think I am going over 7 years on anything right now.

I’m curious about your timing. One of the neat features of a MYGA is that you can lock in the rate at application. It can take awhile to get the contract issued but you usually have at least 30 days to actually fund the contract. If rates go up in the meantime insurers may give you the higher rate or you could just not fund and reapply for the higher rate. So, why wait?

 

[pletal]

I’m curious about your timing. One of the neat features of a MYGA is that you can lock in the rate at application. It can take awhile to get the contract issued but you usually have at least 30 days to actually fund the contract. If rates go up in the meantime insurers may give you the higher rate or you could just not fund and reapply for the higher rate. So, why wait?

I have a 200K plus CD coming due in a couple of weeks. It was at 2.4% so getting 4.7 or 4.8 is great. The company will pull the money out of my checking account once it goes thru. I believe this company has rule that it has to be funded within 21 days of approval. Don't want to have a hold on check coming from old institution. I am rather excited about the rates going up. I know it is not keeping up with inflation but LBYM has been a lifestyle for ever. always planned my retirement based on a 2.6% return. So good to go.

 

[ShokWaveRider]

Does anyone here have a MYGA with a B++ Rated company? Any issues? Wondering whether it is worth getting a small (~$200k) MYGA for 3 years at 4.6%.

Specifically looking at Canvas and Puritan Life.

 

[PatrickA5]

Do any of these MYGA allow for automatic monthly interest payments?

I have a couple I opened through Fidelity a couple of years ago. It allows 10% withdrawals, but doesn't appear to offer automatic monthly payments. Just thinking of a way to come up with a "paycheck" type of arrangement.

 

[ShokWaveRider]

Do any of these MYGA allow for automatic monthly interest payments?

I have a couple I opened through Fidelity a couple of years ago. It allows 10% withdrawals, but doesn't appear to offer automatic monthly payments. Just thinking of a way to come up with a "paycheck" type of arrangement.

No, not the right vehicle. Like a CD you cannot do it with those either. You may be able to set up a monthly withdrawal as long as it does not exceed 10% for any given year.

Why is it so hard to do it manually as needed?

 

[pb4uski]

I don't think the MYGAs work like that but you could ask the broker.

Sounds like a period certain annuity for the monthly payments that you desire would work along with a MYGA. Last time that I looked at period certain annuities the yields we're pretty attractive.

 

[PatrickA5]

No, not the right vehicle. Like a CD you cannot do it with those either. You may be able to set up a monthly withdrawal as long as it does not exceed 10% for any given year.

Why is it so hard to do it manually as needed?

I like simple. But, it's no big deal. Just looking down the road, trying to come up with something similar to an SPIA, but keeping the principal intact.

I might just go with a SPIA, but that would be a few years off, if ever.

 

[ShokWaveRider]

I like simple. But, it's no big deal. Just looking down the road, trying to come up with something similar to an SPIA, but keeping the principal intact.

I might just go with a SPIA, but that would be a few years off, if ever.

I would call Blueprint or another broker and ask. There may be a rider that does what you want, however it will most likely cost you some interest points.

 

[PatrickA5]

I don't think the MYGAs work like that but you could ask the broker.

Sounds like a period certain annuity for the monthly payments that you desire would work along with a MYGA. Last time that I looked at period certain annuities the yields we're pretty attractive.

I might look into those also.

I like the "idea" of a lifetime SPIA, but have a hard time giving up my money (if you know what I mean).

 

[ShokWaveRider]

I like the "idea" of a lifetime SPIA, but have a hard time giving up my money (if you know what I mean).

Me too! That is why I opted for a Self Managed MYGA. Although I have yet to take any money out. Nice to have leaving it in if you do not need it an option too.

 

[capjak]

It is Aspida Rated A- 4.8% for 7 years cannot withdraw or 4.7% can withdraw. I have a gap in my fixed income ladder and 7 years will fill part of that gap. Doing it in a couple of weeks. Maybe higher by that time. As we get older our horizon will be shrinking. I don't think I am going over 7 years on anything right now.

If you go with now withdrawal the rate is 4.8% for 7 Year Aspida.

If you go with interest only withdrawal the rate is 4.7% and

If you go with 10% account balance withdrawal the rate is 4.6%.

 

[pletal]

Does anyone here have a MYGA with a B++ Rated company? Any issues? Wondering whether it is worth getting a small (~$200k) MYGA for 3 years at 4.6%.

Specifically looking at Canvas and Puritan Life.

Have both Canvas and Gainbridge products, no issues at all. Maxed them both out . Good to go and good tracking on Websites. On the other hand I have an A rated company America, that does not have client access on web. It’s thru Blueprint who only shows amount of principle. They said I can always call and get balance, but being a vampire they are closed when I am checking those things out

 

[jazz4cash]

On the other hand I have an A rated company America, that does not have client access on web. It’s thru Blueprint who only shows amount of principle. They said I can always call and get balance, but being a vampire they are closed when I am checking those things out

Americo? They actually do have client access. All you need is the policy nbr that can be found on the Blueprint site. It is still fairly thin on details but the balance is updated monthly (I think). I was too lazy to create an account at Americo until recently but I have 2 annuities there going back 20 months.
Good info on Canvas and Gainbridge. I’d be comfortable buying from there.