When you’re thinking about retirement, the biggest question usually isn’t “How much can I earn?”— it’s “How can I make what I have last?” Annuities are one of the few retirement tools designed specifically to help create an income stream you can’t outlive. At Marcus Schirr Insurance Group, we work with individuals and families throughout Rochester and Southeast Michigan to help them understand their options and choose an annuity strategy that supports long-term peace of mind.
Whether you’re nearing retirement or simply looking for a more stable path forward, we’ll help you make sense of how annuities work and whether they fit into your personal financial plan with our local, personal guidance.
Annuity Plans Designed Around You
One option many clients in Michigan prefer for its simplicity is a Multi-Year Guaranteed Annuity (MYGA). A MYGA offers a guaranteed, fixed interest rate for a set period, meaning your interest remains consistent throughout the term. This helps you plan more confidently without worrying about market swings.
Because MYGAs are straightforward and predictable, they are a great choice for individuals in Southeast Michigan who want stability and structure in their retirement planning.
Key MYGA Benefits Include:
- Guaranteed fixed interest rate
- Predictable growth over the term
- Annual access to a portion of funds (commonly up to 10% without surrender charges)
- RMD-friendly for qualified accounts
- Optional death benefits or nursing home waivers under certain conditions
Why Should You Consider MYGAs
MYGAs are often chosen by those who want clear expectations and long-term planning support. If you’re looking for a retirement vehicle that provides a structured timeline, fixed accumulation, and easier budgeting as you approach retirement, a MYGA may be worth exploring.
These annuities are designed to continue accumulating interest during the guarantee period and can make retirement feel more financially manageable, especially for individuals in Michigan who prefer a more conservative approach.
What to Know About MYGAs
MYGAs are typically structured as a single-payment annuity, which means you make one initial premium payment and select a guarantee period. Guarantee periods are commonly available in multi-year options such as 3, 5, 7, or 10 years, depending on the product.
MYGA Rates Table For January 2026
| Single Premium / Renewal Account Value | 3 Year | 5 Year | 7 Year | 10 Year |
|---|---|---|---|---|
| $5,000 – $24,999 | 3.50% | 4.00% | 4.20% | 4.70% |
| $25,000 – $499,999 | 3.80% | 4.30% | 4.50% | 5.00% |
| $500,000+ | 3.90% | 4.40% | 4.60% | 5.10% |
| Minimum Guarantee / Renewal Rate | 3.00% | 3.00% | 3.00% | 3.00% |
| Surrender Charge Schedule | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| FB MYGA – 3 Year | 8% | 8% | 7% | |||||||
| FB MYGA – 5 Year | 8% | 8% | 7% | 6% | 5% | |||||
| FB MYGA – 7 Year | 8% | 8% | 7% | 6% | 5% | 4% | 3% | |||
| FB MYGA – 10 Year | 8% | 8% | 7% | 6% | 5% | 4% | 3% | 2% | 1% | 1% |
Many MYGAs also allow annual access to a portion of funds, such as up to 10% per year without surrender charges, starting immediately. They may also be structured to be RMD-friendly for qualified accounts when Required Minimum Distributions exceed the standard withdrawal allowance.
In addition, certain products offer benefits that can matter during later stages of life, including a Nursing Home Waiver of Surrender Charge under applicable conditions, as well as death settlement options that may eliminate surrender charges at death.
Understanding Surrender Charges
Like many retirement products, MYGAs may include surrender charges if funds are withdrawn above the allowed amount during the guarantee period. These charges usually begin higher in the early years and decline over time. Some annuities also offer a window at renewal—such as a 30-day period—where you can make changes or access funds before a new schedule begins.
This is one of the most important areas to review before choosing an annuity, and we’ll walk you through it clearly, so you understand what you’re signing up for with our local guidance.
Local Guidance You Can Trust
When it comes to annuities, the product matters—but the guidance matters even more. Our role is to help you compare options, understand the fine print, and select a solution that supports your long-term goals without pressure or confusion. We proudly serve Rochester and Southeast Michigan communities with a straightforward, education-first, local approach to retirement planning.
If you’re considering annuities in Rochester, Michigan, we’d love to help you explore your options and decide what makes the most sense for your retirement timeline. Contact us to schedule a consultation or request a quote with Marcus Schirr Insurance Group today to learn more about annuities and retirement income planning in Southeast Michigan.
Answers to Your Annuities Questions
What is an annuity?
An annuity is a retirement-focused financial product designed to help create an income stream you can’t outlive. Many annuities also offer tax-deferred growth, meaning interest can compound over time and typically isn’t taxed until you begin taking withdrawals.
What is a MYGA annuity?
A MYGA (Multi-Year Guaranteed Annuity) is a type of annuity that offers a guaranteed fixed interest rate for a specific period of time. The rate stays consistent throughout the guarantee period, helping you plan with more stability and predictability.
Can I access my money if I need it?
Most MYGA annuities allow you to withdraw a portion of your money each year without surrender charges (commonly up to 10%). Withdrawals beyond the allowed amount may be subject to surrender charges depending on the contract.
Are there surrender charges?
Yes—MYGA annuities typically include a surrender charge schedule during the guarantee period. These charges are usually higher in the early years and decrease over time. Some contracts also include a short renewal window (such as 30 days) before a new surrender schedule resets.
Are annuities FDIC insured?
Annuities are not FDIC insured and are not considered bank deposits. They are insurance products and are issued through an insurance company.
What is a fixed annuity?
A fixed annuity is a retirement-focused insurance product that provides a guaranteed interest rate for a set period of time. This means your savings grow predictably, without exposure to market fluctuations. Fixed annuities are popular among individuals in Southeast Michigan who want a conservative, stable approach to retirement income. With Marcus Schirr Insurance Group’s local guidance, you can choose a fixed annuity that fits your long-term financial plan.
What is a variable annuity vs. a fixed annuity?
Variable annuities allow your retirement funds to be invested in sub-accounts that can fluctuate with the market, offering potential for higher growth but with higher risk. Fixed annuities, on the other hand, provide a guaranteed interest rate and predictable growth. For clients in Michigan, understanding the difference is essential to selecting the right annuity. We take a personal, local approach, reviewing your options and recommending a strategy that supports your retirement goals.
What is better, a 401(k) or an annuity?
A 401(k) and an annuity serve different purposes, and which is “better” depends on your retirement goals and risk tolerance. A 401(k) is an employer-sponsored retirement account that allows you to invest in stocks, bonds, or mutual funds, offering growth potential but subject to market fluctuations. An annuity, on the other hand, is an insurance product that can provide a guaranteed income stream, helping ensure your savings last throughout retirement.
Many individuals in Southeast Michigan use both together: a 401(k) for growth and tax advantages, and an annuity for stability and predictable income. Marcus Schirr Insurance Group takes a local, personal approach, reviewing your full financial picture in Michigan to help determine how an annuity might complement your 401(k) and support your long-term retirement plan.