MYG 7-Year (NY) review

It depends on your time horizon. For a New York resident who has true long-term money that will not be needed for seven years, this is a reasonable option from a well-rated carrier with no ongoing fees and a guaranteed rate. For someone who might need access to principal in the first few years, the surrender schedule makes it a poor fit — the 9% charge in year one is steep, and charges remain above 3% through year six.

The main reason to buy this annuity is certainty. A MYGA buyer typically wants to know exactly what their money will earn without depending on market performance, crediting strategies, or participation rates. The secondary reason here is the carrier's financial strength — an A+ AM Best rating from a large, established insurer matters when you are locking money in for seven years. For New York residents who want those qualities in a state-specific contract, this product delivers on both counts.

I think this contract is best for a New York resident in or approaching retirement who wants to park a portion of their savings in a guaranteed-growth vehicle for a defined period. It is particularly well-suited for someone rolling a maturing CD or a prior annuity into a new commitment and who is comfortable with a 7-year term. It is also accessible to a wider age range than most annuities — issue ages run from 0 to 83. Qualified and non-qualified accounts are both eligible, including IRA, Roth IRA, SEP IRA, Inherited IRA, and non-qualified contracts.

This is not the right product for someone who values flexibility above predictability, expects to need large withdrawals before maturity, or wants index-linked growth potential.

You are buying a multi-year guaranteed annuity — essentially an insurance product structured like a CD but with tax-deferred growth and a death benefit. The rate is set at issue and locked for the full 7-year term. Your principal does not fluctuate based on any index or market. At the end of the surrender period, you can take the accumulated value, roll it into a new annuity, or annuitize. The simplicity is the point. There are no moving parts to monitor, no allocation decisions to make, and no fees to subtract from the stated rate.

The Multi-Year Fixed Strategy locks in a guaranteed interest rate for the entire 7-year contract term. Based on Wink data as of late March 2026, that rate was 4.70% for contracts under $100,000 and 4.90% for contracts of $100,000 or more. The rate banding is meaningful: putting $100,000 or more into this contract earns a higher rate than splitting deposits across smaller amounts.

A separate 1-Year Fixed Strategy is available for additional premiums received after the initial deposit. That strategy renews annually at a declared rate, with a guaranteed floor that the renewal rate cannot go below. The multi-year strategy is the primary reason to buy this contract; the 1-year strategy is a practical accommodation for additional deposits rather than a core feature.

The most meaningful secondary feature is the combination of liquidity provisions: RMD accommodation, a Terminal Illness Waiver, and a Confinement Waiver. These are not exotic features, but they matter for a 7-year product because they reduce the practical risk of being fully locked in.

Required minimum distributions from this contract are not subject to surrender charges even if they exceed the standard 10% free withdrawal — an important accommodation for buyers using IRA or qualified money who will be forced to take distributions during the contract term. The Terminal Illness Waiver allows full withdrawal after year one if diagnosed with a terminal illness expected to cause death within a year. The Confinement Waiver provides the same relief if confined to a qualified care facility for 60 or more consecutive days. Together, these three provisions make the 7-year commitment meaningfully less restrictive in the situations that actually matter most.

This annuity allows free withdrawals of 10% of accumulated value (measured as of the most recent contract anniversary) starting in year one. For someone with a growing balance, that 10% grows each year too, which is more favorable than a product that locks the base to the original premium.

Withdrawals above the free amount are subject to the following schedule:

There is no market value adjustment on this contract, which removes one layer of variability compared to MYGAs that include an MVA provision. The minimum guaranteed surrender value is 87.5% of premiums accumulated at a 1–3% interest rate — this is a contractual floor, not a death benefit description.

This annuity should not be treated as accessible cash. The 9% year-one charge makes early exit genuinely expensive, and charges remain above 3% through the final year of the surrender period.

There are no base contract fees or rider fees on this product. The guaranteed rate is the rate — nothing is deducted from it annually. That is one of the real advantages of a clean MYGA over a more complex FIA or VA: the stated return is the actual return, assuming no early withdrawal.

The tradeoffs are structural, not fee-based. Seven years is longer than many MYGA buyers are comfortable with. The surrender charges start steep. There is no income rider, no index-linked upside, and no premium bonus. And because this is a New York-exclusive contract issued by a separate legal entity, the terms may differ from the national Athene MYG product available elsewhere.

Legal Entity: Athene Annuity & Life Assurance Company of New York

Parent: Athene Holding Ltd.

AM Best Rating: A+