Best MYGA (Multi Year Guaranteed Annuities) Thread 2024 - Please post updates here.

I initiated that ACH Friday afternoon pushed from Vanguard to my local checking, and now it shows this for my online checking:
Current Balance: $8,000
Available Balance: $115,000

I'm supposed to overnight the check for the MYGA, but I found it odd these balances don't match as if the ACH transferred funds aren't available yet, but the "available" is actually showing the ACH included in that balance. I called the bank to see if I could write a check for $100,000, and she said that I could and that they go by the available balance and that the current balance is "just it catching up."
 
GenXguy said:
I initiated that ACH Friday afternoon pushed from Vanguard to my local checking, and now it shows this for my online checking:
Current Balance: $8,000
Available Balance: $115,000

I'm supposed to overnight the check for the MYGA, but I found it odd these balances don't match as if the ACH transferred funds aren't available yet, but the "available" is actually showing the ACH included in that balance. I called the bank to see if I could write a check for $100,000, and she said that I could and that they go by the available balance and that the current balance is "just it catching up."
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GenXguy said:
OK, all 3 of their websites are all showing 5.7% for the Oceanview Harbourview 6 year MYGA now. So, I'm glad I snagged the 5.85% in time.
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Well, this is interesting, they didn't all match for long. The 6 yr Oceanview Harbourview annuity is now showing a lower rate at Blueprint. 5.55% Blueprint, 5.7% Stan, 5.7% Immediateannuities.com.

My current balance and available balance were both $115,000 this morning, so I FedExed the check to Oceanview to get my 5.85% started.

I read some reviews / feedback about Oceanview online today. I saw a number of reviews mentioning poor customer service and delays getting withdrawals after the annuity matured. It sounds like they were dealing with Oceanview directly rather than an agent.
 
Immediateannuities emailed me that Oceanview received my $100K, but they said Oceanview are in their final review that takes a few days to complete. Not sure what that's about since I was supposedly already approved and asked to send the $100K check.
 
Anyone here using MYGA's as a substitute for a Lifetime Annuity?

I like MYGAs that allow 10% Free withdrawal of the Total Remaining Balance annually. I did a comparison for a standard MYGA and a Standard Lifetime Annuity. I just used the estimators available on ImmediateAnnuities.com and BluePrint Income. Of course, if you requires regular monthly income from your stash with no intervention form you, it may not work for you although some companies will allow you to take a monthly withdrawal. I am using a $250k Premium as an example.

Assumptions:
1) A Rated Life Insurance Companies or better.
2) $250k Premium
3) 10% of total withdrawn per year just before the 1st year anniversary
4) Federal Tax withholding based on one's individual requirements.
5) Based on current 5.5% 5 Year MYGA rates, you could also do the same with longer durations.
6) MGA Distributions based on 10% withdrawal of capital at the first anniversary. Remember Interest is taken first then the capital is drawn down.

Results:

1) A joint lifetime Annuity based on our individual ages: Pays $1,462 a month (Some is Taxeable) . If both parties die it is gone. If one dies the other gets the distribution until they pass.

2a) A 5.5% 5 Year MYGA will allow a withdrawal of $1,375 of interest and a portion of the capital. Assuming we take 10% at the end of the first year one can take ~$26,375 or $2,198 a month. Leaving $237,375 left.

2b) $237,375 will make $13,055 in interest in the second year. So, you would be able to take $25,043 or $2086 per month in the second year and so on.

2c) If one continues to do the math, one will still have a substantial nest egg left after 5 years, at that time one could decide to redo the MYGA, Take the cash out, or convert it to a Lifetime annuity.

Assuming I have my math right, I think if one wants to manage it (not a lot of management) one could get a better deal than the lifetime annuity with a lot more options. Remember when a lifetime annuity is set up, that is it, it is done and not reversable (unless you can sell it of course).

What are your thoughts.
 
You can mitigate the risk of the joint lifetime annuity being gone by buying a joint lifetime annuity that guarantees at least 10 years of payments or a cash refund of the excess of premium over payments when the scond of you dies. According to immediateannuities .com the monthly payments for a joint life annuity, a joint life annuity with 10 years certain and a joint life annuity with cash refund are $1,409, $1,400 and $1,360 per month, respectively.

On the MYGA substitute, it all depends on how much mortality risk you care to assume. If you invest $250,000 at 5.5% and withdraw $1,462/month your money would last for ~28 years but if you live longer than 28 years then the money would be gone and the payments would cease. There is also the risk of whether you will be able to renew at 5.5% in the future.

All of that said, I prefer to control my money rather than letting some insurer control it.
 
pb4uski said:
On the MYGA substitute, it all depends on how much mortality risk you care to assume. If you invest $250,000 at 5.5% and withdraw $1,462/month your money would last for ~28 years but if you live longer than 28 years then the money would be gone and the payments would cease.
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That is why I prefer a shorter duration like 5 or 7 years where one can re-evaluate things at renewal time. And of course, one cannot withdraw anything at all and just defer the taxes which is less of an incentive as one gets older. Alternatively, one could just withdraw the interest. My point being is that there are a lot of options with MYGAs with a relatively similar return.
 
I received a pdf of my contract by email on June 5th and printed copy of my contract in the mail over the weekend (June 15). I am supposed to sign a form and return.
 
Applied for yet another 5 year MYGA today. Max State Guarantee Fund Limit. 10% Balance withdrawals a year with no penalty. 5.6% with an A Rated company. Beats a lot of CDs.
 
Insurance companies must be getting a lot of business lately. My recent application has been under review for the last 10 days. 5y 5.6%, A Rated company.
 
Shok, or the Insurance companies are just woefully understaffed for these products. When I applied for my 3-year MYGA in 2020 (when rates were much lower) the process took almost 2 months to complete.
 
Luvtoride said:
Shok, or the Insurance companies are just woefully understaffed for these products. When I applied for my 3-year MYGA in 2020 (when rates were much lower) the process took almost 2 months to complete.
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I think I had one that took about that long also. Blueprint assured me it was just a short staffing situation. I took two free withdrawals and each time I had to call for followup. Insurance Co= glacial pace.
 
I got approval today from Blueprint Income to fund my recently applied for 5.6% MYGA with an A Rated company :). I do need to ACH the funds into my checking account so I can Overnight a Check to them. I think this is a good rate with all the recent banter about interest rate cuts.
 
I just had some CDs mature in August that had been earning 5% APY. My income in trending a little higher than I want for ACA purposes, so I'm investing in another MYGA. This time I'm getting a lower rate than the 5.85% that I got earlier this year, but still, 5.45% for another 6 year MYGA with another A rated company, it beats any of the longer term CD rates I'm seeing with any bank I would consider investing with by more than 1%. Deferring the income for about 6 years is important to me. Just an FYI, this was Oxford Life, and the rate lowered to 5.0% now, so I got it just in time to lock in the higher rate.
 
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GenXguy said:
I just had some CDs mature in August that had been earning 5% APY. My income in trending a little higher than I want for ACA purposes, so I'm investing in another MYGA. This time I'm getting a lower rate than the 5.85% that I got earlier this year, but still, 5.45% for another 6 year MYGA with another A rated company, it beats any of the longer term CD rates I'm seeing with any bank I would consider investing with by more than 1%. Deferring the income for about 6 years is important to me. Just an FYI, this was Oxford Life, and the rate lowered to 5.0% now, so I got it just in time to lock in the higher rate.
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Is there a reason that you didn't go for Gainbridge?
 
teej1985 said:
Is there a reason that you didn't go for Gainbridge?
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Gainbridge: A- AM Best Rating, Oxford Life: A AM Best Rating. We didn't want to go below A rating when my spouse bought several MYGAs recently. Gainbridge is also not available in all states.
 
teej1985 said:
Is there a reason that you didn't go for Gainbridge?
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I had only seen one recommendation in this thread for Gainbridge, and that was your post way back in May for the Fastbreak annuity, but that specifically states, "Taxes paid annually on interest earned," which was a non-starter for me. As I mentioned in my previous post, deferring taxable income for six years is important to me. I haven't seen any of their rates posted in this thread.

My CDs matured in late August, so I I didn't have much time to look prior to some of these MYGA annuity rates dropping again, but I checked out the 3 most recommended annuity brokers here and they all had the same Oxford Life at 5.45%, so I went with annuities.com because I had a good experience with them last time, and they had all my information to speed things along. The website is already updated to the new lower rate of 5%.

Gainbridge is available in my state. I see they have another type of annuity than the one you recommended. Is Gainbridge actually yielding 6%+, or is that just a bait and switch tactic to get you to enter your email address? In the fine print when you scroll way down, it says, "the rate shown may no longer be current."
 
Gainbridge do not tell you much about the issuing insurance company. I cannot find a prospectus there. Where does one get that information?
 
I think Canvas is the direct sales channel for Puritan Life Ins Co. and Gainbridge is equivalent for Guggenheim. The Canvas offerings are very attractive but I have resisted starting another account/relationship. If I had a big chunk to put there it might be worth it.
Edit: I do seem to recall reading the Canvas sales brochure and being confused about some of the details.
 
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Does anyone here actually have a Canvas (Puritan Life) annuity? Or any other B++ rated company for that matter? For funds between $200k & $250k.
 
ShokWaveRider said:
Does anyone here actually have a Canvas (Puritan Life) annuity? Or any other B++ rated company for that matter? For funds between $200k & $250k.
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Did you find out any more info on Canvas? Aren't they A- like Gainbridge rather than B++?
 
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