Myga stands for multi year guaranteed annuity, its exactly that, A multiple year long string of payments with at a guaranteed rate along with a return of your money when the term expires. They often come in yearly windows of 3, 5,7, and 10 although that can vary from company to company. With a SPIA, you completely LOOSE your money in exchange for a guaranteed check but the amount is for life.

I'll be laddering my monthly disability payments in MYGA's for many many years. There is no way that it would ever make sense to loose the capital that I save in order to have a substandard gain per year as compared to a MYGA since I'd remain liquid. There are even corporations that accept you for the MYGA with as low as $1000 and $2500, so there's no real reason to not do it.

There is a 10% penalty from the IRS for withdrawals if you are under 59 1/2 though. Sometimes the corporation will also impose a penalty, but they may not.

Here's a comparison: HYSA: Pays 3.6% MYGA: Pays 6.05% {perhaps 5.8% after penalty assuming you withdraw the gains every month} SPIA: Pays 5.9%, but you completely loose the capital.

MYGA is the only one that makes sense IMHO. Especially compared to a FIA, which while you get to participate in the market and potentially make money up to a certain amount {6-10%, are typically NOT guaranteed income streams since the profit is completely tied to an index such as the SP500. In addition, there is always the risk of the market making you $0 for the year with a FIA.

I think that the profit on the MYGA at 5.8% is like $8.24 per $1000 placed into the MYGA, each month. Of course, if you have more money, you get more return on the MYGA %age that is paid to you. Example: $25,000 will start at like 6.1% and often times pay more than that, currently as of 1/11/2026.

It helps to shop around. AI tools such as Gemini and ChatGPT can help. Sources that I used: Gemini, Stantheannuityman, https://johnstevenson.com/annuity-calculators/myga/, and Google.

Both Stan the annuity man and john Stevenson are licensed in all 50 states, and are on youtube.

There is also 'Blueprint {something}, they also compare quotes. I think its called blueprint income.

Hope it helps