MYGA Annuities in Pennsylvania: Guaranteed Rates and More Predictable Retirement Income
For many Pennsylvania retirees, building a retirement portfolio is only part of the challenge.
The next question is often more difficult:
“How do I turn the money I saved into income I feel comfortable spending?”
That concern is one reason more retirees are looking at sources of protected and predictable retirement income.
Recent retirement research has found that roughly seven in 10 pre-retirees prefer a retirement income
strategy that includes a protected component, such as Social Security, a pension, or an annuity,
rather than depending only on withdrawals from investment accounts.
For some Pennsylvania households, a
Multi-Year Guaranteed Annuity, commonly called a MYGA,
may be worth considering for a portion of retirement savings.
What Is a MYGA?
A MYGA is a fixed annuity issued by an insurance company.
It provides a guaranteed interest rate for a specified number of years,
subject to the terms of the contract and the financial strength and claims-paying ability
of the issuing insurance company.
October 2026 MYGA Rate Examples
Based on the October 2026 rate information used for this article,
MYGA rates shown range from 5.15% to 6.35%,
depending on the carrier, guarantee period, premium amount, age, and product eligibility.
| Carrier | Product | Rating | Term | Rate | Minimum |
|---|---|---|---|---|---|
| Oceanview | Harbourview | A | 2 Years | 5.15%* | $70,000 |
| Heartland National | Secure Rate Pro | B++ | 3 Years | 5.80% | $5,000 |
| Farmers Life | Safeguard Plus | B++ | 3 Years | 5.80% | $10,000 |
| Oxford Life | Multi-Select | A | 3 Years | 5.70% | $20,000 |
| Athene | Max Rate | A+ | 3 Years | 5.65%* | $100,000 |
| Farmers Life | Safeguard Plus | B++ | 5 Years | 6.15% | $10,000 |
| Heartland National | Secure Rate Pro | B++ | 5 Years | 6.10% | $5,000 |
| Axonic | Waypoint | A- | 5 Years | 6.10%* | $100,000 |
| Oxford Life | Multi-Select | A | 5 Years | 6.00% | $20,000 |
| Sagicor | Milestone Max | A | 5 Years | 5.90%* | $75,000 |
| Oxford Life | Multi-Select | A | 6 Years | 6.35% | $20,000 |
| Oxford Life | Multi-Select | A | 7 Years | 6.20% | $20,000 |
| Heartland National | Secure Rate Pro | B++ | 7 Years | 6.10% | $5,000 |
| Farmers Life | Safeguard Plus | B++ | 7 Years | 6.05% | $10,000 |
| Oxford Life | Multi-Select | A | 10 Years | 6.35% | $20,000 |
| Heartland National | Secure Rate Pro | B++ | 10 Years | 6.15% | $5,000 |
| Farmers Life | Safeguard Plus | B++ | 10 Years | 6.15% | $10,000 |
| Oceanview | Harbourview | A | 10 Years | 5.95%* | $70,000 |
| Reliance Standard | Reliance Guarantee | A++ | 10 Years | 5.90% | $20,000 |
Rates shown are based on carrier information supplied for late September and early October 2026.
Rates and product availability can change without notice.
Minimum premiums, age requirements, surrender provisions, withdrawal features,
and product eligibility vary by carrier.
The Real Retirement Question: Can You Feel Comfortable Spending?
Many retirees spend decades building savings but then have difficulty switching from saving money
to actually using it.
A portfolio may look healthy, but retirement introduces uncertainty:
- How long will retirement last?
- What happens if the market falls early in retirement?
- Will healthcare costs increase?
- What if one spouse lives much longer than expected?
- How much can safely be spent each month?
For some people, uncertainty leads to spending less than they reasonably could.
They may have adequate savings but remain afraid of running out of money.
Adding a predictable or protected component to retirement income may help some households
feel more comfortable using the money they worked so hard to accumulate.
“I Don’t Want to Give My Money to an Insurance Company”
This may be one of the most common objections to annuities.
And it is understandable.
Retirement savings may represent decades of work.
Nobody wants to feel that they are simply handing their life savings to an insurance company
and losing control of it.
But an annuity does not have to involve all of your retirement money.
A more practical way to think about retirement assets is to give different portions of your money
different jobs.
Think in Retirement Buckets
One portion of your savings may stay completely liquid for emergencies.
Another portion may remain invested for long-term growth.
And another portion may be positioned to provide predictable interest or income.
The question is not necessarily,
“Should I put my money into an annuity?”
It may be,
“What job do I need this portion of my money to perform?”
What Do You Give Up in Exchange for a Guarantee?
There is a trade-off.
With a MYGA, you generally agree to leave money in the contract for a specified period.
Taking more than the contract permits during the surrender period can result in surrender charges.
In exchange, the insurance company promises a contractual interest rate for the selected guarantee period.
For someone who knows that a portion of their savings is not needed for immediate expenses,
that trade-off may be worth considering.
What About Access to Your Money?
Liquidity matters.
Before buying a MYGA, a consumer should understand exactly how much can be withdrawn,
when withdrawals are permitted, and what surrender charges may apply.
Money that may be needed for near-term living expenses or emergencies generally should not be placed
into a long-term contract simply to obtain a higher interest rate.
That is one reason we believe MYGA decisions should start with financial needs,
not just a rate table.
What About the Cost of an Annuity?
People sometimes ask whether annuities are too expensive.
A useful way to evaluate cost is to ask what value is being received in return.
Every financial strategy has some form of cost or trade-off.
Investment portfolios may involve advisory fees, investment expenses,
market volatility, and the risk of selling assets during unfavorable markets.
Annuities may involve surrender periods, optional rider charges,
spreads, or other contract provisions depending on the product.
The important question is:
“What am I receiving in exchange for that cost or limitation?”
For a MYGA, the value may be a known interest rate for a specific number of years.
For certain lifetime-income annuities, the value may instead be a contractual stream of income
that can continue throughout retirement.
A MYGA Is Not Automatically a Lifetime Income Annuity
This distinction is important.
A MYGA is primarily designed to guarantee an interest rate for a defined period.
A lifetime-income annuity is designed specifically to convert assets into an income stream,
potentially lasting for the lifetime of the covered person.
A MYGA may potentially be annuitized later or have other contractual options,
but simply purchasing a MYGA does not automatically create lifetime income.
What Is the Highest MYGA Rate Shown?
Based on the supplied October 2026 rate information,
the highest rate shown is 6.35%,
with Oxford Life Multi-Select listed at that rate for 6-year and 10-year terms.
For a 5-year guarantee period, the highest rate shown is
6.15% for Farmers Life Safeguard Plus.
But the highest interest rate should not automatically determine which annuity is selected.
Consumers should also compare:
- Insurance company financial strength
- Guarantee period
- Surrender schedule
- Withdrawal provisions
- Minimum premium
- Age requirements
- Contract features
- How soon the money may be needed
MYGA vs. CD
MYGAs and bank CDs are often compared because both may offer a stated interest rate for a fixed period.
However, they are different products.
A CD is a bank product and may be covered by FDIC insurance within applicable limits.
A MYGA is an insurance contract and is not FDIC insured.
The guarantees of a MYGA depend on the financial strength and claims-paying ability
of the issuing insurance company.
MYGAs may also provide tax-deferred accumulation,
while interest on a standard taxable CD is generally reportable as it is earned.
Can You Use IRA Money for a MYGA?
Many MYGAs accept qualified retirement assets, including certain IRA funds,
as well as non-qualified money.
The products shown in the October 2026 rate information used for this article
are listed as accepting qualified and non-qualified funds,
subject to carrier requirements.
MYGA Annuities Throughout Pennsylvania
Mintco Financial works with clients throughout Pennsylvania
and nationwide.
Whether you live in Pittsburgh, Philadelphia, Erie, Harrisburg,
Lancaster, Scranton, Allentown, Reading, Bethlehem,
or another Pennsylvania community,
we can help you compare MYGA annuities from multiple insurance companies.
Because rates can change quickly,
contact Mintco Financial for the latest available rates
and help comparing which product, carrier, and guarantee period may best fit your needs.
Compare MYGA Annuities in Pennsylvania
The highest advertised rate is not always the best fit.
Contact Mintco Financial
to check the latest available MYGA rates and compare the carrier,
term, liquidity features, and contract that may best fit your retirement needs.
Serving clients nationwide. Speak directly with an experienced professional — no call center.
Frequently Asked Questions About MYGA Annuities in Pennsylvania
What is a MYGA annuity?
A MYGA, or Multi-Year Guaranteed Annuity, is a fixed annuity that guarantees
a stated interest rate for a specified number of years,
subject to the terms of the contract.
What is the highest MYGA rate shown for October 2026?
The highest rate in the supplied October 2026 comparison is 6.35%,
shown for Oxford Life Multi-Select 6-year and 10-year terms.
Do I have to put all of my retirement savings into an annuity?
No. An annuity can potentially be used for only one portion of retirement assets.
Other money may remain liquid or invested depending on the household’s needs and goals.
Will I lose access to my money?
MYGAs generally have surrender periods and restrictions on withdrawals.
Some contracts provide free-withdrawal provisions.
Consumers should review the specific contract before purchasing.
Does a MYGA provide lifetime income?
Not automatically. A MYGA primarily guarantees an interest rate for a defined period.
Lifetime income generally requires annuitization or a contract designed specifically
with lifetime-income features.
Are MYGAs FDIC insured?
No. MYGAs are insurance contracts and are not FDIC insured.
Guarantees depend on the financial strength and claims-paying ability of the issuing insurance company.
This information is provided for educational purposes only and is not individualized investment,
tax or legal advice. Fixed annuities are insurance products and are not bank deposits or FDIC insured.
Guarantees are subject to the financial strength and claims-paying ability of the issuing insurer.
Rates, terms and product availability may change without notice.
Contact Mintco Financial for current availability and review the actual contract,
surrender provisions and disclosures before purchasing.