Today’s MYGA Rates Available in Massachusetts
Multi-year guaranteed annuity (MYGA) rates change frequently and availability varies by state. Rather than show a snapshot that goes stale, we maintain a live comparison of 2,400+ products from 60+ carriers, updated from industry rate feeds.
Compare live MYGA rates for Massachusetts
Filter by term, carrier rating, and minimum premium — then connect with a licensed Massachusetts agent about any rate you see.
See Today’s Rates →How Massachusetts taxes annuity income
Massachusetts applies its flat 5% state income tax to the taxable portion of annuity distributions (an additional 4% surtax applies to income over roughly $1 million). Qualified annuity distributions are generally fully taxable; non-qualified annuities are taxed on the earnings portion. Massachusetts does not tax Social Security benefits.
Federal income tax and the 10% federal early-withdrawal penalty (before age 59½) apply as usual. Massachusetts has specific basis-recovery rules for certain contributory retirement income — a Massachusetts agent or tax professional can walk through how your specific annuity will be treated.
Source: Massachusetts Department of Revenue
Massachusetts Annuity Regulations
Free Look Period: Set by your contract — commonly 10 or more days
Massachusetts does not prescribe a single statutory free-look period for new annuity contracts the way many states do. Instead, the free-look provision in your contract controls: the exact number of days appears on the contract’s cover page, and contracts filed in Massachusetts commonly provide 10 or more days to return the contract for a full refund.
Replacement transactions carry additional protections under the Massachusetts replacement regulation (211 CMR 34.00), including required replacement notices and disclosures comparing the old and new contracts; replacement contracts commonly include an extended free-look window.
Review your contract’s cover page before the free-look period ends, and confirm current requirements with the Massachusetts Division of Insurance.
Source: 211 CMR 34.00 — Massachusetts Division of Insurance regulations
Best Interest Standard: Adopted — effective December 9, 2022
Massachusetts adopted the NAIC's best-interest revisions effective December 9, 2022, through amendments to 211 CMR 96.00. A producer recommending an annuity must act in the best interest of the consumer, satisfying care, disclosure, conflict-of-interest, and documentation obligations, and may not place their own financial interest ahead of the consumer's. Producers must complete approved best-interest training before selling annuities, and insurers must maintain supervision systems. (Massachusetts separately applies a fiduciary conduct standard to broker-dealers and agents under its securities rules for securities products.)
Source: 211 CMR 96.00 — Massachusetts Division of Insurance (forms and regulation)
Replacement Rules
Massachusetts regulates annuity and life insurance replacements under 211 CMR 34.00, which requires consumer protections when an existing contract is replaced:
- A written replacement notice identifying the contracts being replaced, with disclosures of what the consumer gives up — surrender charges, benefits, and contract features.
- Disclosures comparing the existing and proposed contracts.
- Notification to the existing insurer.
A replacement recommendation must also satisfy the best-interest standard under 211 CMR 96.00.
Source: 211 CMR 34.00 — Massachusetts Division of Insurance regulations
