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A spike in oil prices has roiled stocks and bonds again and threatens to accelerate inflation — adding pressure on the White House.
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A bad jobs report Financial TimesAre you a young man who voted for Trump and now can't find a job? CNNU.S. payrolls unexpectedly fell by 92,000 in February; unemployment rate rises to 4.4% CNBCTrump Aides Remain Bullish Despite Rising Unemployment and Gas Prices The New York TimesThe U.S. economy lost 92,000 jobs in February, stoking labor market worries NBC News
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Iran war expected to derail rate-cut plans as policymakers learn lessons from inflation caused by Ukraine invasion
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If you're looking for a haven for your money, with a three-year fixed-rate annuity, you can choose one paying 2.00% annually or one paying 4.25%! Other than the rate, the two products are quite similar.
If you're shopping for a five-year guarantee, available rates range from 2.60% to 4.65%, according to AnnuityAdvantage's database of annuity rates.
SEE MORE Annuities Rising in Popularity
Rates on annuities with the same term vary hugely. If you don't shop around, you'll almost certainly earn far less interest than you could. Unfortunately, many local annuity agents represent only a few annuity companies, sometimes just one.
Before I offer tips on how to shop around, here's some background:
A fixed-rate deferred annuity (also called a multiyear guarantee annuity, or MYGA) resembles a bank certificate of deposit. It also pays a guaranteed rate of interest for a set term. Unlike CDs, annuities are tax-deferred. Issued by insurance companies, annuities aren't federally insured like CDs, but state-mandated guaranty associations offer a level of protection.
While the rate isn't the only factor in choosing an annuity, it is the single most important thing when other factors are equal. Here are the key considerations.
How long will your money be committed?
The term is the length of the annuity guarantee period. Most multiyear annuities go from two to 10 years.
Longer-term annuities usually pay more than shorter-term ones. But today, rate differences are not large. For instance, the top three-year an
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