Episode Details

MYGAs (Multi-year Guaranteed Annuities) are outperforming high-yield savings accounts for retirees with long-term cash. Top providers offer 5-6.3% guaranteed rates, while savings accounts lag at 4-4.21%. MYGAs provide fixed interest with tax-deferred compounding and no market risk. Retirees can earn more after taxes with MYGAs, especially in higher tax brackets. However, MYGAs lack FDIC insurance and have early withdrawal penalties. Financial experts advise bucketing savings: keep emergency funds in savings, shift medium-term funds to MYGAs, and invest long-term. With stable Fed rates, locking in MYGA yields is recommended before potential drops.

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