Why it earned this rating
Our assessment
Athene MYG 5-Year (NY) is a competitive locked-rate MYGA with generous free-withdrawal access starting in year 1, a no-MVA design, and meaningful hardship waivers — all backed by an A+ rated issuer. The NY-only distribution and a surrender schedule that extends through the final year hold it just below top-tier, but for the buyer it actually fits, this is a clean, well-structured product.
The short version
This is a 5-year guaranteed-rate annuity for New York residents who want a CD-like commitment with better tax deferral and a locked yield. The mechanics are simple: you deposit a single premium, earn a fixed rate for the full 5-year term, and pay surrender charges only if you take out more than the 10% annual free-withdrawal amount. There are no moving parts, no rider fees, and no market value adjustment surprises. For a conservative accumulator in New York who wants certainty and doesn't need lifetime income features, this is a straightforward option worth evaluating.
Key facts
The full review
Is Athene MYG 5-Year (NY) a Good Annuity?
Yes, for the right buyer. If you are a New York resident looking for a simple 5-year fixed rate with no exposure to market fluctuation and reasonable liquidity, this product does what it says. The 10% free-withdrawal provision starting in year one is more accessible than many MYGAs that restrict access until year two, and the lack of an MVA removes one layer of surrender-cost uncertainty. It is not a fit for someone who needs frequent access to principal, wants income features, or lives outside New York.
Why Someone Would Buy This Annuity
The straightforward reason is a guaranteed fixed rate for five years with tax-deferred growth and access to 10% annually without penalty from the first year forward. Someone who has retired or is near retirement and wants to park a portion of their conservative allocation in a predictable, CD-alternative instrument — without paying for riders they'll never use — has a rational case to look at this product. The $5,000 minimum premium also makes it accessible for smaller allocations.
Who This Annuity Is Best For
I think this is best suited for New York residents aged 55 to 80 who want simple tax-deferred accumulation over a medium-term horizon without any equity risk. It fits a qualified or non-qualified account equally well, and the RMD-inclusive free-withdrawal provision makes it workable inside an IRA without triggering surrender charges. It is not the right product for someone who anticipates needing more than 10% of the contract value in any single year, someone who wants index-linked growth potential, or someone whose primary goal is lifetime income.
What You're Really Buying Here
You are buying a fixed-rate insurance contract that locks in a declared interest rate for the full five-year term. Unlike a certificate of deposit, the interest accumulates tax-deferred until withdrawal, and the insurer — not a bank — guarantees the rate. That distinction means your principal protection is backed by the claims-paying ability of Athene Annuity & Life Assurance Company of New York, which carries an A.M. Best A+ rating. There is no index participation, no market-linked crediting, and no variable component. The rate you see at issue is the rate you earn for the life of the contract.
How the Core Feature Works
Athene MYG 5-Year (NY) uses two crediting strategies. The Multi-Year Fixed Strategy locks in a declared rate for the full five-year term — this is the primary strategy and the one most buyers will use. The 1-Year Fixed Strategy is available for additional premiums added after issue; that rate resets annually and is never allowed to fall below the contract's minimum guaranteed rate.
Rate banding applies: contracts below $100,000 earn one rate, contracts at $100,000 or above earn a higher rate. As of the Wink data dated March 27, 2026, the declared rates were 4.60% for the lower band and 4.80% for the higher band — but rates are declared at issue and can change for new contracts. What matters structurally is that once you lock in, the rate is guaranteed for your full term.
Why the Secondary Feature Matters
The most meaningful secondary feature is the pair of hardship waivers. After the first contract year, Athene will waive surrender charges on up to 100% of accumulated value under two circumstances: confinement to a qualified care facility for 60 or more consecutive days (the confinement must begin at least one year after the contract date), or a terminal illness diagnosis with expected death within one year. These are not riders with separate fees — they are built into the contract. For a 70-year-old buyer, the confinement waiver in particular addresses a real planning concern: if a health event forces a draw-down before the surrender period ends, the penalty disappears.
Liquidity and Surrender Schedule
You are trading five years of full liquidity for a locked guaranteed rate. The surrender schedule runs 8%, 7%, 6%, 5%, 4% — charges apply in every contract year including the fifth. That means there is no penalty-free exit until after year five is complete. The no-MVA design is a meaningful positive here: your surrender cost is exactly the stated percentage, with no additional market-value fluctuation layered on top.
The 10% free-withdrawal provision begins in year one, calculated on the accumulated value as of the most recent contract anniversary. RMDs attributable to the contract are covered even if they exceed the 10% threshold, which makes this workable inside an IRA without forced surrender charges. Outside of those provisions, treat this as a five-year commitment.
| Contract Year | Surrender Charge |
|---|---|
| 1 | 8% |
| 2 | 7% |
| 3 | 6% |
| 4 | 5% |
| 5 | 4% |
Fees and Tradeoffs
There are no explicit fees on this contract. No base contract fee, no rider fee, no spread deducted from crediting. The cost of the product is built into the rate itself — as with all fixed annuities, the insurer manages its spread between what it earns on the portfolio and what it credits to policyholders. The absence of explicit fees makes this straightforward to evaluate.
The structural tradeoffs are: surrender charges through year five, a rate declared at issue that could be lower than future rates if the interest-rate environment rises significantly, and the hard limitation that this product is only available in New York. Buyers outside New York need to look elsewhere in the Athene lineup or from other carriers.
Product snapshot
| Feature | Details |
|---|---|
| Product Type | Fixed Annuity |
| Surrender Period | 5 years |
| Issue Ages | 0-83 |
| Minimum Premium | $5,000 |
| Crediting Methods | Multi-Year Fixed Strategy, 1-Year Fixed Strategy |
| Free Withdrawal | 10% of accumulated value (as of most recent contract anniversary) per contract year beginning in year 1; RMDs included even if they exceed the free withdrawal amount |
| MGSV | 87.5% of premiums at 1-3% |
| Death Benefit | Full accumulated value paid to beneficiary; available prior to annuitization |
| Income Rider | Not available |
| Premium Bonus | None |
| Availability | Available only in New York state (issued by Athene Annuity & Life Assurance Company of New York, Nyack, NY) |
Carrier snapshot
Legal Entity: Athene Annuity & Life Assurance Company of New York
Parent: Athene Holding Ltd.
A.M. Best Rating: A+
Final take
Athene MYG 5-Year (NY) is a clean, no-frills MYGA for New York residents who want a locked rate, no MVA risk, and free-withdrawal access from the first year. The A+ carrier rating, built-in hardship waivers, and RMD-inclusive liquidity provisions round out a product that does its job well.
The narrow audience is the main limitation. If you live in New York, have a five-year time horizon for a conservative allocation, and do not need income rider features, this is worth a serious look. If you live outside New York, this product simply is not available to you. If your horizon is shorter or you expect to need more than 10% per year, look at a shorter-duration MYGA instead.