MYGAs and Fixed Index Annuities Are Popular. What to Consider.

Rising rates have made annuities of all stripes more interesting investments, but two in particular are worth a hard look right now.

Multi-year guaranteed annuities—MYGAs, for short—are the insurance world equivalent of a bank certificate of deposit. Just like with CDs, rates have shot up in the last year. Unlike CDs, gains in a MYGA are tax-deferred until you take the money out.