Thrivent Multi-Year Guarantee Annuity™
Multi-Year Guarantee Annuity
Add balance and security to your portfolio.
Fixed rates. Zero guesswork.
Our new Multi-Year Guarantee Annuity (MYGA) can help protect your retirement savings by growing at a fixed rate of interest for a specified period of time. With MYGA, your funds can grow at a locked-in rate, independent of market performance. View our current MYGA rates or contact a Thrivent financial advisor to explore this opportunity.1
MYGA and your portfolio
A fixed rate of interest for a defined period of time could help you navigate volatile stock markets while protecting your principal. If you want to take advantage of higher interest rates while minimizing your risk exposure, a MYGA could be your solution. Plus, MYGA offers competitive interest rates and helps diversify your portfolio.
A MYGA is not a certificate of deposit (CD). Learn more about this distinction in our recent article.
MYGA vs. CD
A MYGA is not a certificate of deposit (CD). Learn more about this distinction in our recent article.
The Multi-Year Guarantee Annuity is a type of fixed deferred annuity designed to strengthen your financial portfolio. The premium paid into a MYGA earns a guaranteed fixed rate of interest over multiple consecutive years (3, 5, 7 or 9 years).
When you purchase a MYGA you will select the single premium amount that best fits your financial needs and goals. The minimum purchase is $10,000 and the maximum is $2 million.
A MYGA is available in two versions—return of premium (ROP) or market value adjustment (MVA). Each version has its pros and cons, but the version you choose will depend upon your needs, goals and overall retirement plan strategy.
What is a MYGA?
When you purchase a MYGA you will select the single premium amount that best fits your financial needs and goals. The minimum purchase is $10,000 and the maximum is $2 million.
A MYGA is available in two versions—return of premium (ROP) or market value adjustment (MVA). Each version has its pros and cons, but the version you choose will depend upon your needs, goals and overall retirement plan strategy.
Dependable interest. Your premium earns a guaranteed fixed rate of interest over multiple consecutive years (3, 5, 7 or 9 years). The MYGA can help you take advantage of a higher interest rate environment by locking in rates and potentially reducing the risks of taking money out too soon while growing your nest egg with fixed earnings.
Tax-deferral. The growth of your MYGA is not taxable until funds are withdrawn, allowing your retirement funds to remain invested and grow.
Legacy. Leave any remaining invested assets to the beneficiaries of your choosing, including loved ones or causes you care about.
Flexible renewal options. At the end of each guaranteed rate period, your advisor can provide guidance to help you decide on how to proceed based upon your goals and needs.
View MYGA rates
Tax-deferral. The growth of your MYGA is not taxable until funds are withdrawn, allowing your retirement funds to remain invested and grow.
Legacy. Leave any remaining invested assets to the beneficiaries of your choosing, including loved ones or causes you care about.
Flexible renewal options. At the end of each guaranteed rate period, your advisor can provide guidance to help you decide on how to proceed based upon your goals and needs.
How to get started
Work with a Thrivent financial advisor to explore the power of MYGA.
Reach out to schedule a time to connect.
Your advisor will answer your questions and explain how MYGA could enhance your financial strategy.
If MYGA is right for you, your advisor can help lock in your fixed rate.
Reach out to schedule a time to connect.
Your advisor will answer your questions and explain how MYGA could enhance your financial strategy.
If MYGA is right for you, your advisor can help lock in your fixed rate.
Take the next step
We're here to answer your questions and help you decide if a Multi-Year Guarantee Annuity makes sense for your portfolio.
Multi-Year Guarantee Annuity FAQs
You can also view our current rates for this product.
What is the difference between a MYGA and a fixed annuity?
All MYGAs are fixed annuities, but not all fixed annuities are MYGAs. The main difference between MYGA and traditional fixed annuities is the time period each contract guarantees a fixed interest rate. The premium paid into a Thrivent MYGA earns a fixed interest rate over multiple consecutive years with the rate guaranteed for either 3, 5, 7 or 9 years. At the end of the guarantee period, you have a number of options. One of those options would be to choose a new multi-year guarantee period (if available) with a fixed interest rate based on the time of renewal.
How do I access MYGA funds?
With either version of MYGA, you may surrender at least 10% of the accumulated value each year without a surrender charge. The exact amount you can surrender free of charges during the guarantee period will depend on which MYGA version you have.
Return of premium (ROP)
With the return of premium benefit, Thrivent guarantees that if the contract is terminated, it will pay in cash no less than the premium paid less the sum of any previous surrenders.
You can accumulate free surrenders up to a maximum of 25%. The accumulation takes place as follows:
MYGA product brochure .
The ROP interest rate will be lower than the MVA version.
Market value adjustment (MVA)
You can surrender 10% of the accumulated value each contract year.
Surrenders taken each year that exceed these amounts will be subject to a surrender charge. Find the surrender charge schedule on page 3 of ourMYGA product brochure .
The MVA interest rate will be higher than the ROP version.
Return of premium (ROP)
With the return of premium benefit, Thrivent guarantees that if the contract is terminated, it will pay in cash no less than the premium paid less the sum of any previous surrenders.
You can accumulate free surrenders up to a maximum of 25%. The accumulation takes place as follows:
- 10% free surrender each contract year.
- 20% free surrender if no surrenders in the prior contract year.
- 25% free surrender if no surrenders in the prior two contract years.
The ROP interest rate will be lower than the MVA version.
Market value adjustment (MVA)
You can surrender 10% of the accumulated value each contract year.
Surrenders taken each year that exceed these amounts will be subject to a surrender charge. Find the surrender charge schedule on page 3 of our
The MVA interest rate will be higher than the ROP version.
What are the risks of MYGA?
There are several potential risks associated with MYGAs, including:
- Limited liquidity. Annuities typically have penalties for early withdrawal or surrender, which can limit your ability to access funds without any added charges.
- Lower earning than other investments. MYGAs may have lower earnings than stocks or mutual funds, which could have higher earning potential over the long term.
- Fees and expenses. Annuities usually have surrender charges and administrative costs. In addition, some MYGAs have a Market Value Adjustment (MVA). MVA is an adjustment—either positive or negative—to the accumulated value if you make a partial surrender above the free amount or fully surrender your contract during the surrender charge period.
- Inflation risk. Because MYGAs offer a fixed interest rate, it may not keep pace with inflation over time.
- Not insured by FDIC. Annuities are not federally insured like bank deposits. However, guarantees are backed by the insurance company from which you had purchased the MYGA. It’s important to vet the strength and stability of the insurance company you choose. Review reports from A.M. Best, Fitch, Moody's or Standard & Poor's.
1 Product availability and features may vary by state. Thrivent Multi-Year Guarantee Annuity not available in California. The MVA version is not available in New York.
While diversification can help reduce market risk, it does not eliminate it. Diversification does not assure a profit or protect against loss in a declining market.
Holding an annuity inside a tax-qualified plan does not provide any additional tax benefits.
Withdrawals and surrenders will decrease the value of your annuity and, subsequently, the income you receive. Any withdrawals in excess of 10% may be subject to a surrender charge. The taxable portion of each annuity distribution is subject to income taxation. If a taxpayer is younger than 59½ at the time of distribution, a 10% federal tax penalty will apply to the taxable portion of the distribution unless a penalty-tax exception applies.
Guarantees based on the financial strength and claims-paying ability of Thrivent.
Thrivent and its financial advisors and professionals do not provide legal, accounting or tax advice. Consult your attorney or tax professional.
A surrender charge applies to surrenders that are greater than the free amount allowed during the guarantee period. Each guarantee period has its own surrender charge schedule: 3-yr: 7%, 7%, 7%; 5-yr: 7%, 7%, 7%, 6%, 5%; 7-yr: 7%, 7%, 7%, 6%, 5%, 4%, 3%; 9-yr: 7%, 7%, 7%, 6%, 5%, 4%, 3%, 2%, 1%.
Surrenders are taxed as ordinary income on the gain portion only. Surrenders prior to age 59½ may be subject to a 10% federal tax penalty.
Contract forms: ICC22 A-GM-MYGMVA, ICC22 A-GR-MYGPR, A-GM-MYGMVA (22), A-GM-MYGPR (22) Series.
While diversification can help reduce market risk, it does not eliminate it. Diversification does not assure a profit or protect against loss in a declining market.
Holding an annuity inside a tax-qualified plan does not provide any additional tax benefits.
Withdrawals and surrenders will decrease the value of your annuity and, subsequently, the income you receive. Any withdrawals in excess of 10% may be subject to a surrender charge. The taxable portion of each annuity distribution is subject to income taxation. If a taxpayer is younger than 59½ at the time of distribution, a 10% federal tax penalty will apply to the taxable portion of the distribution unless a penalty-tax exception applies.
Guarantees based on the financial strength and claims-paying ability of Thrivent.
Thrivent and its financial advisors and professionals do not provide legal, accounting or tax advice. Consult your attorney or tax professional.
A surrender charge applies to surrenders that are greater than the free amount allowed during the guarantee period. Each guarantee period has its own surrender charge schedule: 3-yr: 7%, 7%, 7%; 5-yr: 7%, 7%, 7%, 6%, 5%; 7-yr: 7%, 7%, 7%, 6%, 5%, 4%, 3%; 9-yr: 7%, 7%, 7%, 6%, 5%, 4%, 3%, 2%, 1%.
Surrenders are taxed as ordinary income on the gain portion only. Surrenders prior to age 59½ may be subject to a 10% federal tax penalty.
Contract forms: ICC22 A-GM-MYGMVA, ICC22 A-GR-MYGPR, A-GM-MYGMVA (22), A-GM-MYGPR (22) Series.
31378-2
2.3.5.1