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A MYGA is an excellent product for people who want to fill a conservative, long-term savings bucket for retirement in order to supplement Social Security benefits. For comparison, there are other types of annuities that offer variable rates of return, namely fixed-indexed annuities and variable annuities.

For example, multi-year guaranteed annuities must be purchased at least years before you want to receive income and there may be a penalty if you start taking benefits early. Also, MYGA should not be considered if you can't afford the premiums, don't have a lump sum to invest, or want to outlive the income.

The main difference between traditional fixed annuities and MYGAs is the period of time that the contracts guarantee the fixed interest rate. MYGAs guarantee the interest rate for the entire duration of the contract, which could be, for example, 10 years.

Meet Delaware Life * As of 12/31/2022, Delaware Life Insurance Company's total assets under management were $41.2 billion and liabilities were $38.9 billion. Total adjusted capital (TAC) of $2.4 billion includes $2.2 billion of capital and surplus plus $148 million of asset valuation reserve.

Protection, and guaranteed income Pinnacle MYGA® is an insurance product that is designed to help you meet your long-term retirement needs. It is a simple, steady, guaranteed way to build retirement savings without the risk of investing in stocks, bonds, or mutual funds.

MYGAs typically offer higher interest rates and longer time periods than CDs. Periods range from 3-10 years. Generally, longer time periods offer higher interest rates.