Best Annuity Rates 2026: SPIA, MYGA & FIA Comparison by Carrier
Annuity rates in 2026 remain historically attractive — driven by elevated interest rates that have persisted well above pre-2022 levels. For pre-retirees looking to convert savings into guaranteed income, the current rate environment is the best buying opportunity in over a decade.
This guide breaks down current rates across the three main product types — Single Premium Immediate Annuities (SPIAs), Multi-Year Guaranteed Annuities (MYGAs), and Fixed Index Annuities (FIAs) — with real carrier data and a clear framework for deciding which type fits your plan.
The 3 Types of Annuities Retirees Actually Use
Before comparing rates, understand what you're comparing:
SPIA (Single Premium Immediate Annuity) You hand over a lump sum; the insurer begins paying you monthly income immediately. Simple, permanent, highest payout per dollar. Best for: retirees who need guaranteed floor income starting now.
MYGA (Multi-Year Guaranteed Annuity) Essentially a CD inside an insurance wrapper. You lock in a fixed rate for 3–10 years, tax-deferred, with no market risk. Best for: savers who want guaranteed accumulation before they annuitize or roll over.
FIA (Fixed Index Annuity) Returns are linked to a market index (usually S&P 500) with a floor of 0% — you don't lose principal in down years, but gains are capped. Many FIAs include income riders that guarantee a minimum withdrawal rate. Best for: pre-retirees who want growth potential with a safety floor.
Current SPIA Rates: May 2026
SPIA payout rates are quoted as annual income per $100,000 of premium. Rates vary by age, gender, and whether the annuity includes a period-certain guarantee (payments continue to beneficiaries if you die early).
SPIA Rates — Male, Age 65, Life Only
| Carrier | Monthly Income | Annual Payout Rate | Notes |
|---|---|---|---|
| Massachusetts Mutual | $648/mo | 7.78% | A++ rated, market leader |
| Pacific Life | $641/mo | 7.69% | Strong for period-certain combos |
| Principal Financial | $637/mo | 7.64% | Good for joint life options |
| Nationwide | $629/mo | 7.55% | Competitive for period-certain |
| Lincoln Financial | $624/mo | 7.49% | Lower rate but extensive rider options |
SPIA Rates — Female, Age 65, Life Only
| Carrier | Monthly Income | Annual Payout Rate | Notes |
|---|---|---|---|
| Massachusetts Mutual | $609/mo | 7.31% | Longer life expectancy = lower rate |
| Pacific Life | $602/mo | 7.22% | |
| Principal Financial | $598/mo | 7.18% | |
| Nationwide | $591/mo | 7.09% |
Why rates differ by gender: Women statistically live longer, so insurers must spread payments over more years — reducing the monthly amount per dollar of premium.
SPIA Rates — Joint Life (Couple, Both 65)
| Carrier | Monthly Income | Annual Payout Rate |
|---|---|---|
| Massachusetts Mutual | $541/mo | 6.49% |
| Pacific Life | $537/mo | 6.44% |
| Principal Financial | $533/mo | 6.40% |
Joint life annuities continue paying until the second spouse dies — lower monthly income, but full protection for the surviving spouse.
Current MYGA Rates: May 2026
MYGAs are the simplest annuity product: guaranteed fixed rate, tax-deferred, no market risk. Think of them as a better-yield alternative to bank CDs.
Top MYGA Rates by Term — May 2026
| Carrier | 3-Year Rate | 5-Year Rate | 7-Year Rate | 10-Year Rate |
|---|---|---|---|---|
| Atlantic Coast Life | 5.35% | 5.55% | 5.40% | 5.20% |
| Oceanview Life | 5.30% | 5.50% | 5.35% | 5.10% |
| American National | 5.25% | 5.45% | 5.30% | 5.05% |
| North American | 5.20% | 5.40% | 5.25% | 5.00% |
| Midland National | 5.15% | 5.35% | 5.20% | 4.95% |
Minimum premium: typically $10,000–$25,000 depending on carrier.
Key MYGA considerations:
- All rates shown are guaranteed for the full term — no fluctuation
- Interest is tax-deferred until withdrawal
- Most MYGAs allow 10% free withdrawal per year after year 1
- Surrender charges apply to withdrawals beyond free amount during term
MYGA vs. CD Comparison at $100,000
| Product | 5-Year Rate | Balance After 5 Years | Tax Treatment |
|---|---|---|---|
| Top MYGA (2026) | 5.50% | $131,209 | Tax-deferred |
| 5-Year Bank CD (national avg) | 4.10% | $122,397 | Taxable annually |
| 5-Year Treasury | 4.35% | $123,828 | State-tax exempt |
The MYGA wins on after-tax accumulation, especially for retirees in higher brackets who benefit most from tax deferral.
Current FIA Rates: May 2026
FIA rates are more complex — the "rate" is actually a combination of participation rates, caps, and spreads applied to index performance.
How FIA Returns Work
When the S&P 500 goes up 15% in a year and your cap is 8%, you get 8%. If it drops 20%, you get 0% — you keep your principal but earn nothing. Over time, the floor protection is valuable.
Leading FIA Products — May 2026
| Carrier | Product | Participation Rate | Annual Cap | Floor | Income Rider |
|---|---|---|---|---|---|
| Allianz | 222b | 110% (uncapped) | Spread: 1.5% | 0% | Yes — 20% bonus |
| Athene | Accumax | 100% participation | 9% cap | 0% | Optional |
| North American | BenefitSolutions | 100% participation | 8.5% cap | 0% | Yes — 7% rollup |
| American Equity | Investment Edge | 100% participation | 8% cap | 0% | Yes — 8% rollup |
| Global Atlantic | ForeAccumulation | 110% participation | 7% cap | 0% | Optional |
What rollup means: The income rider's guaranteed value grows at the stated rate (e.g., 7%) for every year you don't take income — so waiting 10 years before starting withdrawals significantly increases your guaranteed income base.
How to Lock In Today's Rates
Current rates reflect today's interest rate environment. If rates fall, new annuity quotes will be lower. Here's how to act before rates move:
Step 1: Get multiple quotes simultaneously Rates vary 0.5–1.0% across carriers for the same product type. Always compare at least 3–5 carriers. Use our Annuity Calculator to see estimated income at current rates.
Step 2: Request a firm quote, not an illustration Illustrations show projected values; firm quotes are contractual. Ask explicitly: "What is my guaranteed rate if I apply today?"
Step 3: Free look period Most states require a 10–30 day free-look period after the contract is issued. You can cancel for a full refund if rates change unfavorably between application and issuance.
Step 4: Confirm carrier ratings Only buy from carriers with A (Excellent) or better ratings from A.M. Best. Massachusetts Mutual, Pacific Life, and Principal all carry A++ ratings.
Ready to get personalized quotes? Blueprint Income compares live SPIA and MYGA rates from 20+ carriers — free, no obligation, licensed specialists available by phone.
Which Annuity Type Is Right for You?
| Your Situation | Best Fit |
|---|---|
| Need income starting immediately | SPIA |
| Accumulating before retirement (3–10 years out) | MYGA |
| Want growth potential with protection | FIA |
| Replacing a pension with guaranteed income | SPIA or FIA with income rider |
| Replacing bond allocation in portfolio | MYGA |
| Want to leave money to heirs | FIA (accumulation) or MYGA |
Red Flags to Avoid
Don't over-annuitize. Locking up too much in annuities reduces flexibility for healthcare costs, home repairs, or opportunities. A common guideline: cover fixed expenses with guaranteed income (Social Security + annuity), keep discretionary spending invested.
Watch surrender charge periods. FIAs often carry 7–10 year surrender charge periods. If you might need the money, MYGA (5 year) or SPIA (no surrender, just commitment) are better fits.
Don't ignore tax implications. Non-qualified annuity distributions are taxed as ordinary income (not capital gains). Factor this into retirement income planning.
Frequently Asked Questions
Q: Are annuity rates higher in 2026 than in 2022? A: Yes. The Federal Reserve's rate hike cycle significantly improved annuity payouts. SPIA rates for a 65-year-old male improved from roughly 5.8% in early 2022 to 7.5–7.8% today. This represents a 25–35% improvement in income per dollar.
Q: Can I lose money in an annuity? A: It depends on the type. SPIAs provide guaranteed income regardless of markets. MYGAs are principal-protected with guaranteed rates. FIAs have a 0% floor — you won't lose principal due to market losses, but fees can reduce accumulated value. Variable annuities (not covered here) do carry market risk.
Q: Is it better to buy an annuity now or wait? A: No one can predict rate movements, but current rates are historically high. Waiting for higher rates is speculation. If annuity income fits your plan, the decision to buy should be driven by your income needs, not rate timing.
Q: How are annuity rates set? A: Carriers base rates primarily on long-term bond yields (especially 10-year Treasuries) and their own actuarial assumptions. When interest rates rise, annuity rates follow, typically with a 3–6 month lag.
Q: What's the minimum purchase amount? A: Most carriers require $10,000–$25,000 for MYGAs and $50,000–$100,000 for SPIAs. Blueprint Income has some products starting at $10,000 for SPIAs.
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Data current as of May 2026. Rates change frequently. Always confirm current rates with a licensed specialist before applying.
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- Annuity Income Calculator — estimate monthly income at current rates
- Annuity Marketplace — compare 8 top carriers side-by-side
- FERS Annuity Estimator — federal employees only