Is Thrivent Multi-Year Guarantee Annuity (MYGA) Any Good?

Our Professional Opinion on the Thrivent Multi-Year Guarantee Annuity

We recommend the Thrivent Multi-Year Guarantee Annuity when its guaranteed rate is competitive, but buyers need to compare the Market Value Adjustment and return-of-premium versions rather than treating them as the same contract.

Thrivent is an excellent annuity company. It is rated A++ by AM Best with a stable outlook, giving it one of the strongest financial-strength ratings available.

The Thrivent MYGA is available in 3-, 5-, 7-, and 9-year terms. In today’s high-interest-rate environment, the 7- or 9-year term can be attractive when the rate is competitive and you can leave the money untouched.

The Market Value Adjustment version generally pays the higher guaranteed rate. It provides annual penalty-free access to a portion of the contract, but an excess withdrawal can be increased or reduced by the MVA. It does not guarantee that an early full surrender will return the original premium.

The return-of-premium version pays a lower rate but guarantees that a full surrender will return no less than the original premium, adjusted for prior withdrawals. Its unused annual liquidity can also build, allowing a larger penalty-free withdrawal when no withdrawals were taken in prior years.

Do not automatically buy the return-of-premium version just because it sounds safer. If you have adequate emergency savings and expect to hold the contract through maturity, the higher-rate MVA version may leave you with more money. If early surrender is a real possibility, the lower ROP rate may be worth the protection.

One of our favorite features is the maturity default. If you do nothing when the guarantee period ends, the money moves into a one-year fixed account rather than automatically starting another multi-year surrender schedule. You can then compare rates and choose a new term when you are ready.

The contract is designed for fixed accumulation, not long-term care or flexible lifetime income. Buyers concerned about future care expenses should evaluate long-term care insurance separately.

Bottom line: Thrivent offers a very good MYGA from an exceptionally strong insurer. The deciding question is whether the higher MVA-version rate or the lower ROP-version rate better matches your need for early-exit protection.

Compare Thrivent with the current fixed annuity rates before selecting a term or contract version.

What We Like

• A++ AM Best Rating With Stable Outlook: Thrivent has one of the strongest insurer ratings available.
• 3-, 5-, 7-, and 9-Year Terms: The contract offers useful short, intermediate, and longer rate locks.
• Choice of MVA or Return of Premium: Buyers can prioritize a higher rate or stronger early-exit protection.
• Annual Liquidity: Both versions provide penalty-free access, with the ROP version allowing unused access to build under the contract rules.
• Consumer-Friendly Maturity Default: If no election is made, the money moves into a one-year fixed account rather than another long surrender period.
• Premium-Band Pricing: Larger deposits may qualify for a stronger guaranteed rate.
• Strong Death-Benefit Treatment: Beneficiaries receive the applicable contract value before annuitization.

What We Don’t Like

• The ROP Version Pays a Lower Rate: Principal protection is purchased through reduced guaranteed interest.
• The MVA Version Can Reduce an Early Surrender: Rising market rates can lower the amount received.
• The MVA Version Has No Return-of-Premium Guarantee: An early full surrender can return less than the original deposit.
• Long Terms Require Commitment: The 9-year term only makes sense when the money can remain untouched.
• State Availability Differs: The MVA version is unavailable in certain states, including New York and California.

Thrivent Multi-Year Guarantee Annuity Overview

Guaranteed Fixed Interest Rate

The Thrivent Multi-Year Guarantee Annuity (MYGA) offers a fixed interest rate over a set period, providing predictable growth and stability for your retirement savings. You can choose from terms of 3, 5, 7, or 9 years, ensuring that your investment aligns with your financial goals and timeline.

Tax-Deferred Growth

One of the key features of Thrivent’s MYGA is its tax-deferred growth. This means that your interest earnings are not taxed until you withdraw them, allowing your investment to grow more efficiently over time. This can be a significant advantage for long-term growth.

Investment Range And Options

Thrivent’s MYGA allows for investments ranging from $10,000 to $2 million, accommodating both modest and substantial retirement portfolios. This annuity has two versions: Return of Premium (ROP) and Market Value Adjustment (MVA). The ROP version ensures the return of your initial premium, adding an extra layer of security to your investment.

Retirement Accounts Accepted

• Non-Qualified
• IRA
• 401(K)
• IRA Transfer
• IRA Rollover
• 1035 Exchange

Key Features Breakdown

Pros and Cons

Pros

• Guaranteed interest for 3, 5, 7, or 9 years
• 10% or up to 25% annual liquidity depending on version
• Strong legacy options (full value to beneficiaries)
• Option to renew, cash out, or roll to a 1-year fixed account
• Thrivent is A++ (Superior) rated by AM Best (financial strength)

Cons

• The ROP version earns a lower interest rate
• MVA version is not available in New York
• The MVA can reduce surrender value if rates rise
• The AM Best rating was previously A++ but is now A (Excellent), which is still solid but not the highest tier
• No optional income rider for lifetime income, unlike FIAs with GLWBs
• Not ideal for investors who may need frequent access to funds

Who Needs This Annuity and Why?

Who Should Consider It:

• Conservative savers seeking predictable growth
• Those with idle IRA or 401(k) rollover assets
• Anyone with 3–9-year savings goals needing tax-deferred interest
• People who do not want stock market exposure
• Pre-retirees looking for penalty-free access to part of their funds

Who Should Avoid It:

• Residents of New York are considering the MVA version
• Investors seeking lifetime income guarantees (a GLWB annuity is more appropriate)
• Savers wanting full liquidity or flexibility within the term
• Those who want high-growth potential through market-linked strategies

What Happens If You Withdraw Early?

Withdrawals over the penalty-free amount are subject to surrender charges and potential MVA adjustments (if applicable). Withdrawals before age 59½ may also trigger a 10% IRS early withdrawal penalty and income taxes.

The Bottom Line: Is It a Good Annuity?

The Thrivent Multi-Year Guarantee Annuity is a strong contender for conservative savers who prioritize safety and fixed interest over growth or income guarantees. However, it lacks an income rider, which is critical if your goal is lifetime retirement income.

If safety, liquidity, and simplicity are your priorities, this MYGA may be a fit. But if your primary need is guaranteed income for life, consider a Fixed Indexed Annuity with a GLWB instead.

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