Fixed Income Annuities & MYGAs: A Guide for South Carolina Retirees
Fixed Income Annuities & MYGAs: A Guide for South Carolina Retirees
Introduction
Retirement should bring confidence and peace—not financial stress. If you want predictable retirement income, protection from market volatility, and long-term financial stability, fixed income annuities (including Multi-Year Guaranteed Annuities “MYGAs”) are powerful tools to consider.
At Live Well Benefit Advisors, we help South Carolina retirees design annuity strategies tailored to their lifestyle, income needs, and long-term goals.
What Are Fixed Income Annuities (and MYGAs)?
A fixed income annuity converts a lump sum of money into a guaranteed stream of income, giving you predictable payments month after month. This makes it ideal for covering living expenses, healthcare costs, and everyday retirement needs—without worrying about stock market swings.
A MYGA (Multi-Year Guaranteed Annuity) is a type of fixed annuity that offers:
A guaranteed fixed interest rate for a set period (typically 3–10 years)
Higher interest rates compared to most CDs and savings accounts
Safe, conservative growth for retirement funds
At the end of a MYGA term, you can withdraw, renew, or roll funds into another annuity or retirement product.
Why Fixed Income Annuities Might Be Right for You
1. Guaranteed, Predictable Income
A fixed income annuity provides a reliable retirement “paycheck,” replacing lost wages and helping cover essential expenses.
2. Protection From Market Risk
Fixed annuities are not tied to the stock market, so your principal is protected from market downturns and volatility.
3. Flexible Payout Options
Choose income options that fit your life:
Single-life
Joint-life (ideal for couples)
Lifetime income
Period-certain options
4. Tax-Deferred Growth Potential
Some annuities allow your money to grow tax-deferred—an advantage for long-term retirement planning (consult a tax advisor for personal guidance).
5. Complements Other Retirement Income
Annuities work well alongside:
Social Security
401(k) savings
Investments
Pensions
They help smooth cash flow and reduce the risk of outliving your savings.
Who Should Consider an Annuity?
Fixed annuities and MYGAs can be a great fit for:
Retirees who want guaranteed lifetime income
Individuals seeking conservative, stable growth without market risk
Couples who want survivor benefits or income that lasts as long as either spouse lives
People who prefer simple, predictable, “set-it-and-forget-it” retirement income
Important Questions to Ask Before Buying an Annuity
Before choosing an annuity, consider:
Surrender period and early withdrawal penalties
Financial strength of the insurance carrier
Payout structure (single-life, joint-life, lifetime income, period-certain)
How the annuity fits with Social Security, savings, and your retirement lifestyle
When you need the income (immediate, deferred, or long-term growth through a MYGA)
How Live Well Benefit Advisors Helps
At Live Well Benefit Advisors, we specialize in customized retirement income planning. We help South Carolina retirees:
Compare MYGAs, fixed income annuities, and lifetime income options
Build a personalized retirement income plan that integrates Social Security, savings, healthcare needs, and long-term care considerations
Review and adjust your strategy over time so your plan keeps up with life changes and financial goals
Conclusion
Fixed income annuities, MYGAs, and lifetime income annuities can create the foundation of a secure, stress-free retirement. They provide guaranteed income, market protection, and long-term peace of mind.
If you want to explore annuity options—or see how they fit into your overall retirement plan—contact Live Well Benefit Advisors to help you Live Well & Retire Smart.
