Annuities

Retirement Income You Can Count On

Being prepared for retirement isn’t just about saving — it’s also about generating an ongoing income so you can retire with confidence.

An annuity, by definition, is simply an agreement to make a series of payments of a certain amount of money to a specified party for a predetermined period of time. Annuities also refer to a commercial insurance contract offered by a life insurance company. These contracts are guaranteed to pay out at least a certain minimum amount on a periodic basis to the beneficiary until death, even if the total payments exceed the amount paid into the contract plus any accrued interest or gain.

Because of this protection — and the fact that you cannot withdraw funds penalty-free until age 59½ — annuities are considered retirement savings vehicles by nature.

Multi-Year Guaranteed Annuities (MYGAs)

A Multi-Year Guaranteed Annuity (MYGA) is a specific type of fixed annuity that acts very similarly to a bank Certificate of Deposit (CD), offering a guaranteed, fixed interest rate for a specific multi-year period — typically ranging from 3 to 10 years.