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Oil prices soar, Trump sends warning, Iran names leader. War updates. USA TodayPentagon Announces Seventh U.S. Death in War With Iran The New York TimesThe U.S. names its 7th dead soldier and oil prices spike on Day 10 of the Iran war NPRSeventh US service member dies in Iran conflict The Hill
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Dow futures tumble 500 points as oil tops $100 a barrel, raising stagflation fear: Live updates CNBCWall Street follows global markets lower as Iran war briefly pushes crude prices near $120 a barrel Pittsburgh Post-GazetteStock market today: Dow, S&P 500, Nasdaq futures sell off as oil prices surge to over $110 a barrel Yahoo FinanceGlobal Stocks Sink as Oil Prices Surge The New York Times
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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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