Multi-Year Guaranteed Annuity (MYGA)
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- Опубликовано: 5 сен 2024
- Multi-Year Guaranteed Annuities (MYGAs) are now paying 5.4% on a 5 year term. In the short time since we shot this video, those rates have increased even more. MYGAs are a great place to put cash sitting, being lazy, in a bank account or IRA (Individual Retirement Account).
Show Notes: cardinalguide....
Questions? Email us at Hans@CardinalGuide.com, call us at (919) 535-8261, or visit our website at CardinalGuide.com.
I just started a 7 year MYGA at 5.55%.
Great time to buy a MYGA. Didn't think I would see rates this high. My wife and I have several - purchased between 2016 and 2022 - with rates of 3.15%, 3.8%, 4.3% and 4.5%.
How on earth is this money safe if the only guarantee is from some small/mid insurance company, they are all usually 1 natural disaster away from bankruptcy. The counterparty risk is significant. Aren’t myga also guaranteed by state up to certain amount similar to fdic?
F&G and ASPIDA are life insurance companies. They are unaffected by natural disasters unless that is going to somehow cause a lot of life insurance claims. Nationwide does do property insurance, so they would be vulnerable to a natural disaster. I also would not invest more than the state guarantee in any single company.
If you take distribution from a MYGA before you turn 59 and 1/2, isn't there an IRS penalty? Do some states also charge penalty under this scenario?
If you buy a MYGA, you need to wait to withdraw the interest until after 59 1/2. No states asses a penalty that I know of.
Ibexis 5.8% 5yr myga for 71 yo retiree? ty 3/7/23
I need your HELP
Hans "John" Scheil
Certified Financial Planner™
2530 Meridian Parkway, Suite 100
Durham, NC 27713
P: 919-535-8261
C: 919-714-3397
www.CardinalGuide.com
Hans@CardinalGuide.com
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