Top Rates for 5- and 7-year MYGAs in Florida?

[MYGAnewbie]

Looking to purchase several for myself and my wife, $250K each. Some public websites showing the best rate for Florida at 5.6, apparently dropping to 5.2 soon. Still, the Annuity Rate Watch Yield Curve is now showing [email protected] and [email protected] nationwide. Can we get those?

 

[Allen Trent]

Looking to purchase several for myself and my wife, $250K each. Some public websites showing the best rate for Florida at 5.6, apparently dropping to 5.2 soon. Still, the Annuity Rate Watch Yield Curve is now showing [email protected] and [email protected] nationwide. Can we get those?

Have not looked to confirm that, but make sure you pick A rated carriers, maybe put $200k with each carrier for extra safety net to allow for growth & still be protected if carrier should ever fail(very unlikely, but possible)

Also, confirm each carrier offering matches your needs for liquidity as they all vary. IE: some don't allow any withdrawals in 1stc12 months, others allow interest only withdrawals & others allow 10% free withdrawals annually.

Lastly, some with highest rate may have a Market Value Adjustment (MVA)----make sure you read that & understand how it can impact the interest if not held until end of rate lock.

The lower the carrier rating, the lower the liquidity, the higher the interest rate many times.

Be ready for delays in policy processing as some carriers are overwhelmed with the demand & recent production

 

[MYGAnewbie]

Thanks, Allen! If a particular annuity is being offered through banks only, how to figure out which ones?

 

[LostDollar]

Thanks, Allen! If a particular annuity is being offered through banks only, how to figure out which ones?

Caveat, not an agent.

My situation is way different from yours, but...

I was interested in an Athene annuity (way smaller than what you are looking at) that is only sold through banks. I found two credit unions I have memberships in that show financial advisors on their websites. I emailed them. The first one never responded. The second would offer no help unless I placed all my financial assets under their management (not going to happen) - something about being able to address the issue of suitability. I've kind of given up being able to get that annuity, the only other approach I can think of is to go directly to Athene and ask them if they can refer me to a financial institution that will sell me the annuity.

To my mind, the starting place for you would be to go to financial institutions you already do business with and see if they have investment advisors licensed with the annuity company you are interested in and that will help you on financial terms you are comfortable with. If the interest rates are not significantly different for bank and non-bank products, it might not be worth the trouble to go with the bank products.

 

[Allen Trent]

Thanks, Allen! If a particular annuity is being offered through banks only, how to figure out which ones?

Do you already have a specific carrier or product you are interested in? If so, maybe contact that carrier to ask if there is a bank, etc.

If there is a bank you work with, ask them. However, from my experience & the amount of money you are talking about, bank employees are many times ignorant on all the moving parts of annuities.

 

[scagnt83]

I think the OP is asking which products are bank only and which he is able to contract with an IMO and sell to himself.

OP, you will be able to sell yourself pretty much all of the top rates on MYGAs. If a rate you are looking at is bank only, there will be one that will be within 0.01% of it that you can sell yourself.

Find a good annuity IMO and have them give you the top rates.

 

[Allen Trent]

I think the OP is asking which products are bank only and which he is able to contract with an IMO and sell to himself.

OP, you will be able to sell yourself pretty much all of the top rates on MYGAs. If a rate you are looking at is bank only, there will be one that will be within 0.01% of it that you can sell yourself.

Find a good annuity IMO and have them give you the top rates.

I was guessing a consumer, not an agent

 

[MYGAnewbie]

Allen, you guessed right! I emailed and tried to call the carrrier, but like you said, they seem completely overwhelmed with everyone trying to lock in before a potential pivot next week.

Question: do you know any of the carriers that would sell a "fee-based" product directly? I have reached out to all the brokers I use (including TDA/Schwab and Etrade) and neither of them had any clue what I was talking about.

 

[LostDollar]

would stan the annuity man meet your needs?

 

[Chazm]

Why not use an agent in FL, maybe from this forum.