004: What is a Multi-Year Guarantee Annuity (MYGA)?

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welcome to

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fun with annuities with your host me

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stan

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the annuity man america's annuity agent

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can annuities be fun

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can contractual guarantees be fun

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absolutely they can find out the brutal

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facts about annuities

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with no sales pitches or high pressure

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nonsense

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just the brutal and factual annuity

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truth which is all you need to hear

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let's have some fun with annuities and

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let's have that fun start

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right now

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hey this is stan the annuity man and

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welcome to fun

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with annuities today we're going to talk

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about mygas m-y-g-a

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mygas is fixed-rate annuity it's the

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annuity industry's version

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of a cd you're probably never going to

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hear about them from your agent at the

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bad chicken dinner seminar because the

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commissions are very very low

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unfortunately they're not going to show

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that to you i think these are great

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products if you're a cd buyer or you

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like

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principal protection just getting an

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interest rate migas are fantastic

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i'm the number one agent in the country

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licensed in all 50 states and i don't

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say that

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boastingly i'm just telling you a fact

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and one of the reasons i'm there

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is because i've embraced these

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simplistic products contractual

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guarantees only products

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i'll guarantee you that i'm the number

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one myga guy out here because

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you know we have a live feed on our site

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if you go to the annuityman.com

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we have a feed there that shows the best

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national rates and you can filter it by

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your state and by the duration you know

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one two three four and five year

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you can look at it it's live you can see

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you don't have to sign up for anything

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you can see what the rates are

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and i want people to understand that

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these are available

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and so because we've made it transparent

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i think that that has

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just set us apart and i love these

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products because they're easy to

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understand

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if you bought a cd i mean this is no

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different from the standpoint of

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you're getting an interest rate for a

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specific period of time contractually

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but we'll go over the difference between

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cds and migas the cd is not better than

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a mig and a mic is not better than cd

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they're just pretty much the same thing

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so what i'm the outline for this podcast

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is the book that i i've written one of

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the seven books

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my gut owner's manual you can get it at

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my site

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the annuityman.com i'll ship it to you

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for free without obligation

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i won't bother you or pester you i won't

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have anyone call you or show up at the

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door

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we'll send it to you and then you can go

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to the live feed and look at all the

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rates

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and and decide for yourself if a miga

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makes sense

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so my go owners man you need to get one

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i'm holding one in my hand

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you'll probably hear pages flip because

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i'm flipping pages to make sure i'm

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going over everything in this podcast

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but as with all products i start with

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the limitations so let's go through the

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limitations and benefits

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the limitations of mygas

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like for instance if you buy a five year

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my five year guarantee

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the surrender charges are high in other

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words if you get to year two or three

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and say

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you know what stand on and do that

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anymore send me all my money the

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surrender charges to get out

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whole you know get out with all your

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money they're they're predatory so you

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have to know that going in there

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they're locking these rates in and the

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annuity companies don't want you

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being able to pivot they're going to

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guarantee that rate for that specific

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period of time

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but if you pivot it's going to cost you

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a surrender charge to get out that's a

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limitation

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other limitations guarant the guarantees

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are backed by the carrier

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yes there are state guarantee funds but

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you should not make your decision based

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on that you should make your decision

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based on

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the claims paying ability of the

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issuing carrier so that that could be a

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limitation right we have to discuss that

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and go over the the ratings and the

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conduct scores and things like that

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and currently the short the shortest

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term migra right now is one year

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typically there's not a lot of choices

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in one year there's a lot of choices on

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the three year

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but as with cds you can get them you

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know six months and 18 months and things

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like that

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like i said the cds aren't better than

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mike's migrants aren't better than cds

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one of the limitations is

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right now from an inventory standpoint

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three years is kind of the shortest even

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though there's a couple companies that

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deal

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one year but in my opinion if you're

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gonna do one year by cd

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and by the way i don't sell cds i'm just

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saying and the best place to shop cds is

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bankrate.com

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in my opinion the best place to shop

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migrates is the annuityman.com

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because we have the live feed and i

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guess the other limitation is

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not all carriers offer migas i guess

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it's just part of their business plan

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not all of them do some of them do some

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of them specialize in if you go to the

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live feed on my site

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you'll see some names you you've heard

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of and some names you haven't there's

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hundreds and hundreds and hundreds

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of annuity companies and by the way

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annuities are issued by life insurance

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companies okay

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but with that being said i think the

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last limitation is

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and it's in the limitation but when you

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take money out of an annuity

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of miga it's taxed lasting first out of

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ordinary income

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so it's tax gains first interest

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interest first so

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those are the limitations let's go over

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the benefits real quick and then we'll

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dive into the product even deeper

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number one with my guess there's no

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annual fees similar to a cd it's just

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just a you know

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a specific interest rate for a specific

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period of time very simplistic

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very it's contractual so you you know

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you can filter that on my live feed or

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you can say

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hey i just want a three year what's the

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best three year guarantee

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the interest rate annually is

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contractual they can't change it during

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that duration time period

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they can after it if you don't transfer

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to get the money out but during that

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time period they can't

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it's contractual and rates are typically

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migra rates are typically higher than

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cds

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three years in out i always tell people

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if your time horizon is three years and

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in

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you probably want to buy cds if your

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time horizons three years and out

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my gas will probably beat cds so in a

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laddering standpoint if you said stan i

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want to do a one two three four and five

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year ladder of fixed rates

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the one in the two year would be cds the

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three four and five year would be mygas

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because why will do not might do you buy

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an annuity for what it will do not what

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it might you're buying for the highest

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contractual guarantees

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only and under that standpoint typically

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migas three years in out

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offer higher interest rates than

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cds and i say typically there's there's

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anomalies here and there but but

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you know majority of the time that's the

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case

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here's one of the main differences

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between a cd and a myga

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multi-year guarantee annuity fixed rate

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annuity you can call it what you want

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with a cd and a non-ira account you have

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to pay taxes on that interest

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every year with a multi-year guarantee

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annuity in a non-ira account

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the interest compounds tax deferred

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now yes when you bring it out you have

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to pay taxes but

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if you say i just want to rate but i

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don't want to pay taxes on every year i

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just want to defer it

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then a migo works because it just

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compounds tax deferred

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that's the primary difference between

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the two products from a structure

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standpoint

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now from a safety standpoint cds are

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backed by fdic which i think is the

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strongest backing on the planet

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you know i know there's arguments about

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the federal government and the debt i'm

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just saying

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realistically f stands for federal

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that's the best backing you can get so

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you know

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their state guarantee funds back

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annuities but at the end of the day it's

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the claims paying ability of the carrier

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but the difference the the main

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structural difference is that

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the interest rate in a non-ira account

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compounds tax deferred now in an ira

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account whether it's a cd

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or a miga and you can use these in both

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it's an ira

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you know it's deferred anyway so you

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don't you'll have double deferral right

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i guess a benefit i think is low

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commissions to the agent i'm the number

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one mega guy out here i think

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i can't imagine anyone focusing on them

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more than i do

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because i love them i think they're

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they're simplistic and they're

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good for the the consumer because the

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consumer just is looking for a place for

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safe money most people most

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most people out there are just looking

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for some safe money alternatives

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but the commissions are very low and

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they're easy to understand with no

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moving parts

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which i think you know i keep saying

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this in all my podcasts if you can't

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explain it to a nine-year-old or a

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seven-year-old no offense to those

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people

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those kids then you shouldn't buy it

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it's the warren buffett rule if you

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don't understand it don't buy it

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these are very simplistic you understand

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cds

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you know you you lock it in for a

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specific term and every

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every year you get paid a specific

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interest rate

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with with multi-year guarantee annuities

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you're going to get an annual statement

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because there's no moving parts it is

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what it is

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so with that being said let's kind of

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jump in

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and i'll go through i'm flipping the

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book you know i've got some notes but

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i'm also flipping through the book

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because the mica owner's manual is

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pretty

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all-inclusive when it comes to all this

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stuff so that's the limitations

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and benefits when you look at the fixed

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rate world

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you know there's the fixed index which

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is a fixed product and we'll talk about

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that in another podcast

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but that returns based on an indexed

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option

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it's pretty complicated but with the

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myga fixed rate annuity

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the returns is a contractual number it's

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something that when you see the policy

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it'll tell you exactly what that number

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is going to be

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i like micah's because you don't

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have to take the money out you can roll

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like for instance if you bought a

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five-year my ga and you said

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i really don't need the money year five

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and i don't really need the money stand

9:23
we can just roll it to another mygo

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meaning transfer it

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the irs has a code the section is 1035

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and 1035

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says irs code 1035 says that you can

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transfer one annuity to another annuity

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without tax consequences now you can

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if you have your your myga inside of an

9:42
ira you can transfer it from ira to ira

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without tax consequences but in a

9:47
non-qualified setting

9:49
setting you can transfer from one

9:52
annuity to another and just keep

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hockey analogy pushing the tax puck down

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the ice

9:58
and i like that so you can just roll it

10:00
and roll it and roll it

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i am also a big proponent with my guess

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of

10:04
laddering micas first of all if you ask

10:07
me hey what do you think about interest

10:08
rates i'm gonna say i've been at

10:09
three decades and i have no clue the

10:12
longer you're in the financial services

10:14
business

10:14
the more that you understand that you

10:16
cannot predict any of this stuff

10:18
especially interest rates so with that

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being said i'll tell someone that says

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hey

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if you have three hundred thousand

10:23
dollars why not consider buying a three

10:26
year a four year and a five year my ga

10:29
and splitting it hundred and hundred and

10:30
hundred why because you'll have money

10:32
coming due starting in year three

10:34
and then every year after that and then

10:37
hopefully

10:38
we can attach and transfer to a higher

10:41
interest rate at that point in time

10:43
so i love laddering migas for my clients

10:47
because

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it's a simplistic way to to lock in safe

10:51
money to get a guaranteed interest rate

10:53
and to not

10:54
time rates because nobody can time

10:57
interest rates now my guests have

10:59
nothing to do with lifetime income

11:01
okay it's an interest rate product just

11:03
like a cd

11:04
some migas allow you to take out the

11:07
interest

11:08
on a monthly basis some i guess do not

11:10
on my feed at the annuityman.com that

11:12
live feed i told you about

11:15
we'll show you there whether it allows

11:16
you to take money out or not some do

11:18
some don't

11:19
yeah the ones that don't obviously pay a

11:22
higher percentage annually

11:24
but not all the time that's not the the

11:26
determining factor but they're not all

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they're not all the same even though

11:30
they're somewhat of a commodity product

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so you have to look and and you have to

11:34
say you have to answer the two questions

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what do you want the money to

11:37
contractually do

11:38
and when you want those contractual

11:39
guarantees to start from that if you say

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hey stan i want this my god but i want

11:44
to be able to peel off the interest

11:45
every month

11:46
then we have to go shop for that one

11:48
right we have to go shop the best

11:50
mic is out there that allow you to do

11:51
that or if you say you know i don't

11:52
really care in five years

11:53
i'm not i don't plan on touching it

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let's just go get the best interest rate

11:56
then let's

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we'll shop for that but once again

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i don't know these things change that's

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the reason there's a live feed on my

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site that you can look at

12:05
at your leisure without having to sign

12:06
up or give your name you just

12:08
click it and then filter it and it'll

12:10
it'll show

12:11
it's very easy to understand and very

12:13
simplistic to use

12:14
we get a lot of compliments about that

12:16
and it was designed for that because

12:18
i'm not some techie person and i want

12:21
people to be able to access the

12:22
information on their own own terms

12:24
without having any hindrance to do that

12:26
currently i'm telling people to you know

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look at a five

12:30
year as kind of the limit of you know

12:32
where we should be locking in the long

12:34
term i don't think you should go past

12:35
five that might change if interest rates

12:37
change

12:38
but currently i think five years is max

12:41
and you could go farther out but if you

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look at the feed and you pull up the

12:44
five year in the seven year and the

12:45
tenure

12:46
there's not a lot of benefit proposition

12:48
for you to go longer they're not

12:49
rewarding you for going longer

12:52
in the term so that's that's the thing

12:54
10-year treasury is the bogey that's

12:56
what you need to be looking at at all

12:57
times

12:58
that's somewhat of the driving factor

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it's not 100

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of the driving factor because companies

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price these

13:04
migas based on their overall portfolio

13:07
bonds from way back in the day etc

13:10
but the 10-year treasury is the buggy if

13:12
the 10-year treasury moves

13:14
either north or south then you might see

13:16
the miga things move always kid people

13:18
they say well do they move quickly when

13:20
it moves up no it's kind of interesting

13:22
i don't know

13:22
if there's a study on this but just me

13:24
observing to stand the annuity man and

13:26
the miga dude out here when rates lower

13:29
it seems like the annuity companies move

13:30
pretty quickly or quicker

13:32
and when rates go up they drag their

13:35
feet just a tad

13:36
and maybe that's just me looking at it

13:39
through a jaded lens but

13:41
it seems that way but they do they do

13:43
it's a commoditized world so if somebody

13:45
moves

13:46
the others are going to move with it or

13:48
choose not to and lose the business so i

13:49
mean you're the winner

13:51
either way but there's just no timing in

13:52
other words if rates move up

13:54
you know i can't tell you that within 10

13:56
or 15 or 30 days things are going to

13:58
change i can't tell you that

13:59
it's kind of like the kids you know

14:01
turning the jump rope and the kid

14:03
for people out there to remember that i

14:04
mean young kids don't even know what

14:05
that is but for us

14:06
old people we remember turning the jump

14:09
rope and then trying to time it to get

14:10
in

14:11
it's kind of like that with pricing and

14:13
interest rate movements yeah the annuity

14:15
carriers are watching each other and

14:16
they're just seeing what other people do

14:17
and then they all

14:18
you know they all react based upon their

14:21
goals and what kind of money they're

14:22
going to raise with the interest rates

14:24
etc

14:24
but i like the compounding interest of

14:26
omega in a non-ira account i think that

14:28
is

14:29
that is a positive because you got to

14:31
remember

14:33
in the world that we live in there's

14:34
really five safe money places in the

14:36
world

14:37
and and of course the tinfoil hat people

14:39
can argue against this all day long and

14:41
say

14:42
you're wrong stan here are the five okay

14:45
cds money markets

14:48
aaa aaa municipal bonds treasuries

14:52
and fixed rate annuities those are the

14:54
five i'll do them again cds mygas wcds

14:57
money markets

14:58
aaa aaa municipal bonds treasuries

15:02
and fixed rate annuities those are the

15:03
five safe money places

15:05
in my opinion and people always are

15:07
looking to maximize yield

15:10
once you start chasing those extra

15:13
percentage points or in the industry we

15:14
call them basis points

15:16
once you start chasing that is when you

15:19
start putting your money at risk

15:21
now the tinfoil hat people are going to

15:23
say well the treasury i've got arguments

15:25
against that and there's there's

15:27
there's arguments against everything

15:28
right but in the real world

15:30
in the rational world that we live in

15:32
where nothing's perfect

15:34
those are the five places for safe money

15:37
and migas fit there

15:38
so for people that just do not want to

15:40
lose anything

15:42
and they just want an interest rate

15:43
those are the places to go

15:45
and in a low interest rate environment

15:47
nothing's perfect and nothing seems high

15:49
enough

15:50
especially for the people that have

15:52
lived through the jimmy carter years

15:53
where interest rates were so

15:55
so high we're probably never going we

15:58
in our age group and and will probably

16:00
never see that again

16:01
in our lifetime maybe we will but i

16:04
don't think so i think we're in a new

16:06
norm

16:06
where rates are going to be low for for

16:08
a while

16:10
but you know who knows don't try to time

16:12
it keep the maturity

16:13
short and maximize the yield by shopping

16:17
all carriers whether you're shopping for

16:19
cds or

16:19
shopping for migas so

16:23
myga to me is just owning the

16:24
contractual stake there's a lot of

16:26
sizzle out there there's a lot of

16:28
presentations and people if if you if

16:30
you went to an agency i'm considering a

16:32
mygo they're going to

16:33
immediately tell you they can get you a

16:35
better return

16:36
with an index annuity or variable

16:38
annuity they can hypothetically

16:40
theoretically back tested hopeful

16:42
unicorn chasing the butterfly maybe get

16:45
you that

16:46
but they can't contractually get you

16:48
that and if you're wanting it to

16:50
if you're going by the will do not might

16:52
do the only duty for what it will do not

16:54
what it might do

16:55
mantra stantra that i go by then

16:58
you're going to buy a myga you're not

17:00
going to buy the hopes and dreams

17:02
and if you're buying hopes and dreams

17:03
and market returns then go

17:05
buy market stuff don't in my opinion

17:08
buy annuities annuities or contracts

17:12
and we'll talk about other types you

17:14
know indexed and variable annuities and

17:16
those things

17:17
in other podcasts so with

17:21
most mygas i'd say 99 currently 98

17:24
currently they do not have any attached

17:26
writers or anything they're just

17:28
straightforward

17:29
hey here's the percentage we're going to

17:30
pay for the specific period of time

17:33
it's a contractual reality it's not a

17:34
dream i always tell people

17:36
you're either going to buy agent dreams

17:38
or you're going to buy contractual

17:39
realities and even if you buy the agent

17:41
dream

17:41
you're owning the contractual reality so

17:43
let's just own the contractual reality

17:45
from the start

17:47
once again my guests don't have any fees

17:49
annual fees that the commissions that

17:51
are built in and hidden from you are low

17:53
which is the reason you don't see it you

17:54
can own it in anything ira 9ra you can

17:56
own it in a roth

17:58
always look at the you know the

17:59
surrender charges on it as well

18:01
and also understand that there's a free

18:02
look period i mean if with all annuities

18:05
once they're issued

18:06
depending on your state because

18:07
annuities are issued and regulated

18:10
fixed annuities at the state level

18:11
there's a free look time period you can

18:13
get your money back if things have

18:14
changed or you just decided you didn't

18:15
want to do

18:16
i tell you what to me that's the

18:18
annuities

18:19
best value proposition as an industry

18:22
we're the only industry in the world

18:24
that can let you test drive a product

18:26
and then get your money back if you

18:27
don't want

18:28
it i think that's good and i'm okay and

18:31
there you don't have to give a reason

18:32
that's the other thing i just want my

18:34
money back the carriers don't come back

18:35
and say

18:36
why no they just send you your money

18:37
back because it's the law

18:39
so i i really like that so to end the

18:42
podcast let's go through some

18:44
frequently asked questions and and i'm

18:46
gonna you know flip through the

18:48
owner's manual in the back of the my

18:49
owner's manual frequently ask questions

18:51
and i might

18:52
they might be repetitive i might have

18:53
already covered them but we'll go

18:54
through them quickly and also remember

18:55
you can go to

18:57
the annuityman.blog and i have

19:00
i have answered i've gone through a

19:01
litany i'm building a huge inventory of

19:04
frequently asked questions of which

19:05
you'll see the question and then

19:06
underneath it

19:08
you'll be able to hit a play button and

19:09
listen to me answer it

19:11
and i'm very proud of that and working

19:13
hard of that every day to just keep

19:15
building and building and building that

19:16
inventory

19:17
so that you know you'll understand

19:21
what's out there and the truth about it

19:22
so let's go through the frequently asked

19:24
questions

19:25
and go from there difference between a

19:27
mic and a cd

19:28
that's that's always the question

19:29
remember the primary difference is the

19:32
fact in a non-ira account the interest

19:34
on a cd you have to pay taxes on in the

19:36
interest in a miga

19:38
differs that doesn't mean you don't ever

19:40
pay tax on you just can defer it until

19:42
you pull it out which i think is is a

19:44
good

19:44
deal how safe is a myga i get that

19:47
question a lot

19:47
it depends on the claims paying ability

19:49
of the carrier

19:51
each state has what's called a state

19:53
guarantee fund

19:55
that agents can't use in a sales pitch

19:57
they can't say buy this because of the

19:58
state guarantee fund

20:00
but they're they back up annuities to a

20:04
specific amount every state's different

20:06
and i think i'm going to give you the

20:08
correct website address it's www

20:11
n is in nancy o'zen oscar ellis and

20:13
larry h is in harry g is in gary

20:16
a n-o-l-h-g-a com

20:22
that's the state guarantee association

20:23
you can look up what that limitation is

20:26
for your specific state people always

20:28
ask me

20:29
hey stan how long should i lock these

20:31
things in

20:33
right now you know you'd have to kind of

20:34
push me a little bit to go past five

20:36
years but i'm okay with like a three

20:37
five and a seven year my

20:39
ladder as long as you have some shorter

20:40
durations in there

20:42
but i really don't want you to go longer

20:43
than that just because when you go to

20:45
the miga feed at my site the

20:46
annuityman.com you'll see

20:48
that there's not a lot of benefit

20:50
proposition for locking in longer

20:53
okay so you know should you buy cd or

20:55
miga

20:56
it depends on you know your time horizon

20:59
if your time arises three years in in or

21:01
one to two and a half years it's cds if

21:03
it's three years now

21:04
it's my guess just because you're gonna

21:06
find the best rates

21:08
there so short term cds love cds don't

21:11
sell cds but i love them they're great

21:13
because they're contractual they're easy

21:14
to understand their transfer of risk

21:16
right

21:17
same thing with mygus it's just that

21:18
three years now my guests typically win

21:21
and and this is what i always get

21:23
because people are always getting

21:24
pitched indexing news which are very

21:26
very complex

21:27
and then you know i tell them about a

21:29
myga multi-year guarantee annuity fixed

21:31
rate annuity and they're like

21:33
you know is that as simple as it seems

21:34
yeah it is it's a cd it's very

21:37
it's very simplistic very easy to

21:39
understand

21:40
one thing's people always say well they

21:42
buy these mangas at maybe high rates and

21:44
they want to add too

21:45
bad money to the mica i guess this is

21:48
the limitation as well you cannot add

21:50
money to a miga

21:51
after it's issued for 99 of the carriers

21:54
okay

21:55
you'd have to just go shop for another

21:57
myga if you want to add money

21:59
so once you lock it in it's locked in

22:01
some allow you to add money

22:03
before it's issued in other words you

22:05
send the money oh my goodness i want to

22:06
do

22:07
more you can send it before it's issued

22:08
but i think i would say

22:10
carte blanche across the board most of

22:13
them don't allow

22:14
you to add after that not all carriers

22:18
you know offer migas which is you know

22:21
good and bad just some of them don't

22:22
have that in there

22:23
and their business model and a lot of

22:25
people always ask me

22:26
you know stan why don't why doesn't my

22:28
favorite carrier whatever the name that

22:30
is

22:30
all for my guess it's just not what they

22:33
do

22:34
you know there's some companies that

22:35
specialize in

22:37
in migas and there's some companies that

22:38
specialize in immediate annuities and

22:40
there's some companies that specialize

22:42
in

22:42
in other products but that's the reason

22:44
you have to shop all carriers and

22:46
typically you know migrates change

22:49
pretty frequently and on the site

22:52
the live live mica feed you know we show

22:54
you when the rates change et cetera so

22:56
that's mine is that's fixed rate annuity

22:58
something that you really need to look

22:59
at for your safe money

23:00
i'm glad you joined us i hope you keep

23:02
joining us for

23:03
these podcasts because i'm going to keep

23:05
digging into these products and going

23:07
deeper into strategies as well so with

23:09
that my name is stan

23:11
the annuity man and you have been

23:12
listening to fun with annuity see you

23:14
next time

23:16
thanks for listening to fun with

23:18
annuities please hit the subscribe

23:20
button and make sure to go to my

23:22
site at the annuityman.com where you can

23:25
run your own spea dia

23:26
and culat quotes and see a live feed of

23:29
the best

23:30
maga fix rates in the country and even

23:32
get

23:33
indexed and income writer quotes as well

23:35
you can also

23:36
sign up for my six annuity owner's

23:38
manual books and i'll ship them for free

23:41
and under no

23:42
obligation i also encourage you to

23:44
schedule a one-on-one call with me

23:46
stan the annuity man so we can have a

23:49
full discussion

23:50
of your specific situation it will be

23:52
the best

23:53
brutally factual and truthful advice you

23:56
will ever get and that's one guarantee

23:58
you should definitely take advantage of

24:00
so join me next time for the number one

24:02
annuity podcast

24:04
on the planet fun with annuities

24:18
you