A MYGA, or Multi-Year Guaranteed Annuity, is a low-risk insurance product that acts like a CD by offering a fixed interest rate for a specific period (e.g., 3-10 years), providing predictable, tax-deferred growth for your money, ideal for near-retirees seeking guaranteed returns without market risk. You deposit a lump sum, earn a guaranteed rate, and at maturity, can withdraw, renew, or roll over funds, with taxes only paid on earnings when withdrawn.
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