A Multi-Year Guaranteed Annuity (MYGA) is the annuity equivalent of a CD — it guarantees a fixed interest rate for a set period (typically 3-10 years). MYGAs often offer higher rates than CDs because they're backed by insurance companies rather than banks, and the interest is tax-deferred.
This answer is provided for general informational purposes only and does not constitute financial advice. Every family’s situation is different. For personalized guidance, schedule a free consultation with our team.
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