Best Fixed Annuity Rates in October 2023

Looking for a fixed annuity to grow your savings?

Rates fluctuate, so it’s important to do your research to find the best deal.

But don’t worry. We’ve done the hard part and found the best fixed annuity rates for October 2023.

This guide will walk you through the current rates and how to pick the best annuity for your goals.

Best Fixed Annuity Rates

Differing rates, offered bonuses, and confusing contracts can make it difficult to determine the best annuity rates. However, knowing how much you want to invest and how long you want to grow your investment can help you streamline the process.

If you’re researching rates over a longer period of time, it’s important to stay up-to-date with changes. You don’t want to use old information because it’s not an accurate reflection of the current market.

Below are the best fixed annuity rates for October 2023:

• 2-Year: 5.2%
• 3-Year: 5.9%
• 4-Year: 5.7%
• 5-Year: 5.95%
• 6-Year: 5.65%
• 7-Year: 6%
• 8-Year: 5.7%
• 9-Year: 5.35%
• 10-Year: 6%

If you want to know who these companies are, attend my free annuity assessment class and book a call.

How the Best Rates Are Determined

No two annuities are alike. That’s why shopping around for the best option before committing is essential.

Here are the factors that determine the best annuity rates.

• The return is the most significant factor to consider because the goal of annuities is to maximize your savings. Comparing the base rates and bonuses will help you determine the best return.
• Financial Strength. The financial standing of the company you invest with determines the security of your assets. You want to do business with a company that’s thriving.
• Every contract comes with varying degrees of flexibility. Companies with a wide range of options are more likely to have one that best suits you. You may also be able to make premium payments over time versus all at once.
• Minimum Purchase Requirement. Lower minimum purchase requirements are more accessible than high purchase minimums. As a result, the company is more likely to have a stronger financial standing.
• Companies that do business across multiple states must follow more guidelines to meet varying state regulations.

How to Pick the Best Annuity

Fixed annuities are multi-year commitments that get better as they age. They are one of the most popular retirement investment options because guaranteed payments make it easier for investors to realistically plan for the future.

But to collect the most from your nest egg, you can’t cancel your payments before the end of the term. Otherwise, you owe more money than when you started. To avoid this expensive dilemma, pick the best one on the first try.

Features to consider when searching for the best annuity rates:

• Look at Your Assets. The most popular annuity may not work for your financial situation, assets, or retirement goals. Choose the option that checks all of your boxes, even if it’s not the most common option.
• Strong Rating. You’re trusting a company to fund your retirement for 2-10 years. You want to make sure their reviews back up their claims to provide.
• Low Fees. Fees reduce your overall return, so you want as few fees with as little money as possible.
• Early Access. You want as much flexibility as possible if you have a long-term contract. Some companies allow investors to withdraw a percentage of their balance each year without penalty.
• Know the Contract. To verify the contract, ask for and read all the disclosure information. If you don’t understand something, ask your representative. The contract must line up with what you are being sold.

Final Thoughts

Staying on top of current annuity rates could be your ticket to a comfortable retirement. A trained financial advisor can help you choose the best annuity for you.