MINNEAPOLIS – Thrivent, a Fortune 500 diversified financial services organization, today announced the launch of its Multi-Year Guarantee AnnuityTM (MYGA) product solution. This deferred fixed annuity gives Thrivent clients a flexible solution for today’s interest rate environment and offers multiple guaranteed fixed rate options along with the features and tax benefits of a traditional annuity.
Thrivent’s MYGA offers its clients a guaranteed interest rate over 3, 5, 7 or 9-year periods, allowing them to lock in today’s high interest rates over multiple consecutive years. Depending on their financial goals, clients can choose a market value adjustment feature – which offers a higher interest rate – or a return of premium option that allows them to surrender at any point, providing additional liquidity. The MYGA solution can be especially attractive for pre-retirees and retirees who want to safely and steadily grow their retirement income during a period when they’re approaching or already living on a fixed income.
Thrivent’s MYGA solution will enhance the financial services organization’s current annuity portfolio, which includes a variety of products and services to meet a range of client needs.
“As our clients continue to navigate market volatility and economic headwinds, we developed a flexible solution with guaranteed returns that they can customize based on their unique financial needs,” said Mike DeKoning, senior vice president of Insurance and Wealth Management Solutions, Thrivent. “We know that MYGA solutions are especially attractive as more clients consider fixed annuity solutions during this higher interest rate environment. Our MYGA solution is easy to understand, provides certainty to clients in an uncertain time and is backed by the financial strength and stability of Thrivent.”
A recent Retirement Readiness Survey from Thrivent found that only 40 percent of Americans have ‘very much’ or ‘somewhat’ been able to achieve the retirement goals they have set for themselves. Additionally, only 5 percent of near retirees say they are 100 percent ready for retirement. Offering a solution like MYGA with opportunities for guaranteed returns can help fill a critical gap for those who need a reliable and recurring stream of income in retirement. It could also be used to help clients diversify their portfolios, incorporate tax efficiency into their retirement strategies or leave a legacy for their loved ones.
“What sets Thrivent apart is our ability and expertise to provide our clients with purpose-based advice that’s actionable and achievable,” added DeKoning. “Even in a challenging financial environment, we’re ready to turn advice into action by providing solutions like Thrivent’s MYGA that help our clients achieve their long-term financial goals.”
About Thrivent
Thrivent is a diversified financial services organization that helps people achieve financial clarity, enabling lives full of meaning and gratitude. Thrivent and its subsidiary and affiliate companies serve more than 2.3 million clients, offering advice, insurance, investments, banking and generosity products and programs online and through financial advisors and independent agents nationwide. Thrivent is a Fortune 500 company with $162 billion in assets under management/advisement (as of 12/31/22). Thrivent carries ratings from independent rating agencies which demonstrate the strength and stability of the organization, including an A++ rating from AM Best; an Aa2 rating from Moody’s Investors Service; and an AA+ rating from S&P Global Ratings. Ratings are based on Thrivent’s financial strength and claims-paying ability, but do not apply to investment product performance. For information on these ratings, visit the rating agency’s website. Dividends are not guaranteed. For more information about Thrivent, visit Thrivent.com or find us on Facebook and Twitter.
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