Why it earned this rating
Our assessment
Athene MYG 5-Year with ROP (NY) is a straightforward MYGA with a meaningful built-in safety net: if you surrender early, you are guaranteed to get back at least what you put in. That Return of Premium feature is the defining characteristic here, and it earns the product a full rating step above a bare-bones MYGA with similar terms. The main constraint is that this is a New York-exclusive product, which narrows both the buyer pool and the competitive set.
The short version
This is a 5-year guaranteed-rate annuity for New York residents who want a CD-like commitment with the added assurance that a full surrender will never return less than their original principal. The Multi-Year Fixed Strategy locks in the rate for the entire 5-year term period, and the Return of Premium benefit backstops the downside. What you give up is access — surrender charges run from 8% in year one down to 4% in year five, and the product is only available in New York.
Key facts
The full review
Is Athene MYG 5-Year with ROP (NY) a Good Annuity?
Yes, for a New York resident who needs a clean 5-year locked-rate contract. The product does what it says: it guarantees a declared rate for five years, provides meaningful liquidity in the first contract year, and floors your downside on full surrender through the Return of Premium benefit. It is less attractive if you live outside New York, if you want index-linked growth potential, or if you are shopping primarily on current rate levels — for which you would want to compare against the current Wink-reported rates directly.
Why Someone Would Buy This Annuity
The typical buyer here is a New York resident who wants guaranteed interest, predictability, and the knowledge that a full surrender will not result in a loss. The $5,000 minimum makes the product accessible across a wide asset range. RMD-friendly withdrawal treatment means it fits inside an IRA without administrative friction. And the absence of a rider fee means the entire credited rate flows through without a deduction for features you may not need.
Who This Annuity Is Best For
I think this product is best for a conservative New York retiree or pre-retiree who has a defined 5-year time horizon for a portion of their fixed-income allocation, wants principal certainty on full surrender, and does not need or want equity-linked upside. It is less appropriate for someone who might need more than the 10% annual free withdrawal, who is primarily motivated by maximizing rate, or who lives outside New York.
What You're Really Buying Here
You are buying a 5-year insurance contract that pays a declared fixed interest rate — locked for the full term — and guarantees that you will never walk away with less than your original premium on a full surrender, even if surrender charges apply. That is the Return of Premium benefit. In practice, it means the traditional MYGA tradeoff (rate certainty in exchange for illiquidity) is softened: the downside of an early full surrender is capped at the opportunity cost of the guaranteed rate rather than an actual dollar loss.
How the Core Feature Works
The Multi-Year Fixed Strategy is the foundation. Athene declares a rate at contract issue and guarantees it for the full 5-year term period. Rate banding applies: contracts below $100,000 receive a slightly lower rate than contracts of $100,000 or more. According to the brochure, rates as of February 2018 were 2.55% and 2.60% respectively; more recent Wink data shows rates at 4.35% and 4.60% as of late March 2026, though rates are always subject to change and should be confirmed at time of application.
A 1-Year Fixed Strategy is also available for additional premiums paid after contract issue. That strategy renews annually at a declared rate that will never fall below the guaranteed contractual minimum.
Why the Secondary Feature Matters
The Return of Premium benefit is automatically included — you do not pay extra for it. It means that if you surrender the contract in full during the surrender charge period, you receive the greater of the Cash Surrender Value (accumulated value less surrender charges) and your Return of Premium amount (initial plus additional premiums, less net prior withdrawals). For practical purposes, this caps the worst-case surrender outcome at zero net loss on principal, not a percentage loss. That is a material distinction for buyers who prize principal safety above all else.
Liquidity and Surrender Schedule
You are making a 5-year commitment. The 10% free withdrawal provision is available from the first contract year, which is more accessible than many MYGAs that defer free withdrawals until year two. RMDs are treated as part of the free amount even when they exceed 10%, making this contract IRA-friendly.
Surrender charges for amounts above the free withdrawal run 8%, 7%, 6%, 5%, and 4% across years one through five. There is no Market Value Adjustment on this product, which removes one source of uncertainty relative to MVA-based competitors. Two hardship waivers apply: the Confinement Waiver allows a full surrender (no charges) after year one if the owner is confined to a qualified care facility for 60 or more consecutive days (confinement must begin at least one year after the contract date), and the Terminal Illness Waiver allows the same after year one if the owner is diagnosed with a terminal illness expected to result in death within one year.
Fees and Tradeoffs
There are no base contract fees and no rider fees on this product. The entire credited rate is the return. The tradeoffs are structural: the rate is fixed and will not benefit from rising market conditions during the term, and surrender charges mean this is not a liquid account for anything above the 10% annual free amount. Rate banding does modestly penalize smaller accounts. The New York-only restriction means you cannot comparison-shop this product against Athene's non-New York MYGA offerings.
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) beginning in Contract Year 1; RMDs treated as part of free withdrawal even if they exceed 10% |
| MGSV | 87.5% of premiums at 1-3% |
| Death Benefit | Full Accumulated Value paid to beneficiary; during Surrender Charge Period on ROP variation, Death Benefit equals full Accumulated Value |
| Income Rider | Not available |
| Premium Bonus | None |
| Availability | New York only — issued by Athene Annuity & Life Assurance Company of New York, headquartered in 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 with ROP (NY) is a good product for what it is: a clean, no-fee 5-year MYGA for New York residents who want rate certainty and a built-in principal floor on full surrender. The Return of Premium benefit meaningfully reduces the downside of an early exit and sets this apart from a plain-vanilla MYGA with the same surrender schedule. The A+ A.M. Best rating adds carrier stability confidence.
The reasons not to consider it are just as clear: you need to be a New York resident, you need to be comfortable with the 5-year commitment, and you should not need more than the 10% free withdrawal in any given year. If you are in that situation and shopping for a predictable, principal-safe place to park a portion of your fixed-income allocation, this product is worth looking at alongside other New York-available options.