Find the Right Annuity for Your Retirement Goals

It depends on the type of annuity. Fixed annuities and MYGAs typically have no explicit annual fees, though they do have surrender charges for early withdrawals during the surrender period. Variable annuities (not offered in Phase 1) carry investment-related fees. Indexed annuities may have rider fees if optional income benefits are added. Silver Bay reviews all costs transparently before any product recommendation.

The right annuity depends on your retirement timeline, income goals, risk tolerance, and existing assets. A fixed annuity suits those seeking guaranteed returns with no market exposure. An indexed annuity may fit those wanting growth potential with protection. A MYGA works well for medium-term savings. An income annuity is ideal for creating lifetime income. Silver Bay’s advisors help you evaluate the tradeoffs before you commit.

An indexed annuity ties your interest crediting to the performance of a market index such as the S&P 500, but with downside protection. This means you can participate in some market gains while being shielded from direct market losses. Indexed annuities are not direct investments in the market; they use a formula to calculate credited interest based on index performance, subject to caps, participation rates, or spreads.

A fixed annuity is an insurance product that credits your account with a guaranteed interest rate for a defined period. Your principal is protected, and your earnings grow tax-deferred. Fixed annuities are often used by conservative savers who want predictable, guaranteed growth without exposure to market risk.

Annuities are backed by the financial strength and claims-paying ability of the issuing insurance company. Fixed and MYGA annuities offer principal protection and guaranteed returns, making them among the lower-risk options for retirement savings. It is important to evaluate the financial ratings of the insurer. Silver Bay works with highly rated carriers to provide an additional layer of confidence.

Silver Bay Insurance publishes regularly updated MYGA rates on our Current MYGA Rates page. Rates change frequently based on market conditions and carrier offerings, so we recommend checking the page directly or speaking with one of our advisors for the most accurate current options.

A MYGA (Multi-Year Guaranteed Annuity) is an insurance product that locks in a guaranteed interest rate for a specified period, typically 2–7 years. Like a CD, it offers a predictable, fixed return. However, MYGAs grow on a tax-deferred basis, meaning you do not owe taxes on interest until you withdraw it. MYGAs often offer higher rates than bank CDs, though they are subject to insurance company surrender periods.

Yes. Certain annuity structures, particularly income annuities and annuities with income riders, are specifically designed to provide guaranteed lifetime income. This means you cannot outlive your payments regardless of how long you live, which makes them a valuable tool for addressing longevity risk in retirement.

The most common annuity types include fixed annuities (guaranteed interest rate), indexed annuities (returns linked to a market index with downside protection), multi-year guaranteed annuities or MYGAs (fixed rate locked for a set term), and income annuities (designed to generate guaranteed lifetime income). Each type serves a different retirement need.

An annuity is a financial contract between you and an insurance company. You make a lump-sum payment or a series of payments, and in return the insurer provides regular disbursements beginning either immediately or at some point in the future. Annuities are commonly used in retirement planning to create predictable income, protect principal, or accumulate savings on a tax-deferred basis.