Without more information, we wouldn’t know if your dad has a MYGA or not.I hear ppl here like MYGAs.
I put my father in a Jackson 6% fixed annuity in 2017 serves him well
Not sure if this qualifies as a MYGA?
Here’s a quick test. Has dad’s annuity earned the exact same interest rate every year since 2017? If so, it’s almost certainly a MYGA with an “initial guarantee period” of 7 years or more. If not, it’s some other type of annuity.
If dad’s annuity is a MYGA, just be aware that the “initial guarantee period” is likely no longer than 10 years. At the end of that period, the rate will reset to something different.
Post back if you want to pursue this further.
Statistics: Posted by Stinky — Sun Aug 11, 2024 3:40 am
