Best MYGA Rates in Florida – May 2026 Guide
If you are looking for safe, guaranteed retirement options in Florida, MYGA annuities may be worth reviewing. MYGA stands for Multi-Year Guaranteed Annuity. It is a fixed annuity that offers a guaranteed interest rate for a set period of time.
As of May 2026, Florida MYGA rates are showing competitive yields, with several options between 5.00% and 6.05%, depending on carrier, term, rating, and minimum premium requirements. Rates are subject to change and may vary by state. :contentReference[oaicite:0]{index=0}
Current MYGA Rates in Florida – May 2026
| Term | Top Listed Carrier | Rate | A.M. Best |
|---|---|---|---|
| 2 Years | Axonic Waypoint | 5.00% | A- |
| 3 Years | Farmers Life Safeguard Plus | 5.65% | B++ |
| 5 Years | Farmers Life Safeguard Plus | 6.00% | B++ |
| 6 Years | Oxford Life Multi-Select | 5.55% | A |
| 7 Years | Farmers Life Safeguard Plus | 5.95% | B++ |
| 10 Years | Farmers Life Safeguard Plus | 6.05% | B++ |
Why Florida Retirees Are Looking at MYGAs
Florida retirees often want safety, predictable income, and less exposure to stock market volatility. A MYGA may help provide a fixed rate of return without daily market swings.
- Guaranteed interest rate for a set term
- No direct stock market risk
- Tax-deferred growth
- Potential CD alternative
- Useful for conservative retirement planning
MYGA vs CD in Florida
| Feature | MYGA | CD |
|---|---|---|
| Growth | Tax-deferred | Taxed annually |
| Guarantee | Insurance carrier | Bank / FDIC limits |
| Liquidity | Limited withdrawals | Early penalty possible |
| Best Use | Retirement savings and conservative growth | Shorter-term cash needs |
Who Should Consider a MYGA in Florida?
A MYGA may be appropriate for someone who has conservative money sitting in cash, CDs, or low-yield accounts and wants a guaranteed rate for a defined period.
- Retirees who want safety
- People with maturing CDs
- Investors who want predictable growth
- Families wanting to reduce market risk
- Those looking for tax-deferred conservative growth
What to Watch Before Buying a MYGA
The highest rate is not always the best choice. Before buying a MYGA, compare the carrier rating, surrender period, withdrawal rules, minimum premium, and how the annuity fits into your overall retirement plan.
- Carrier financial strength
- Surrender charge period
- Free withdrawal provisions
- Qualified vs non-qualified money
- Minimum premium requirements
- Tax treatment
Florida MYGA Ladder Strategy
Instead of placing all your money into one term, some retirees use a MYGA ladder. This may include spreading money across different terms such as 3-year, 5-year, and 7-year options.
A ladder strategy may help provide flexibility while still locking in guaranteed rates.
Frequently Asked Questions About MYGA Rates in Florida
What is the highest MYGA rate in Florida for May 2026?
Based on the May 2026 rate sheet, one of the highest listed MYGA rates is 6.05% for a 10-year term with Farmers Life Safeguard Plus. :contentReference[oaicite:1]{index=1}
Are MYGAs safer than the stock market?
MYGAs are not tied directly to stock market performance. They offer a guaranteed rate backed by the claims-paying ability of the issuing insurance company.
Are MYGAs better than CDs?
MYGAs may offer higher rates and tax-deferred growth, but CDs may offer stronger liquidity and FDIC insurance. The right choice depends on your goals, time horizon, and need for access to funds.
Can I access money from a MYGA?
Many MYGAs allow limited annual withdrawals, often around 10%, but each contract is different. Surrender charges may apply if you withdraw more than allowed during the surrender period.
Who should not buy a MYGA?
A MYGA may not be ideal if you need full liquidity, want market growth, or are unsure about keeping funds committed for the guaranteed term.
Final Thought
MYGAs can be a helpful tool for conservative retirement planning in Florida. They are not right for everyone, but in May 2026, rates remain attractive for retirees and investors who want predictable growth, tax deferral, and protection from market volatility.
Compare MYGA Rates in Florida
Speak with Mintco Financial to compare current MYGA options, carrier strength, and retirement income strategies.
Disclosure: This material is for informational and educational purposes only and should not be considered financial, tax, legal, or insurance advice. MYGA rates change frequently and vary by carrier, state, product, age, premium amount, underwriting, and availability. Guarantees are backed by the claims-paying ability of the issuing insurance company. Surrender charges and tax penalties may apply.