Today’s MYGA Rates Available in Minnesota

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.

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Rates are subject to change and are not guaranteed until a policy is issued and accepted. Not FDIC-insured. Not a deposit. Guarantees are subject to the claims-paying ability of the issuing insurer. Product availability varies by state.
Tax information is compiled from publicly available state sources and was last reviewed in June 2026. Verify current rules with the state revenue department or a qualified tax professional.

How Minnesota taxes annuity income

Minnesota is one of the higher-tax states for retirement income, and honest planning starts with that fact. Graduated rates run from 5.35% to 9.85% — and the bottom bracket is among the highest entry rates in the country. The taxable portion of annuity distributions is taxed as ordinary income: qualified annuities (IRA or 401(k) rollovers) are fully taxable; non-qualified annuities are taxed on the earnings portion.

Minnesota partially taxes Social Security benefits: an income-based subtraction exempts lower- and middle-income retirees, while higher-income retirees pay tax on a portion of benefits. There is no broad pension or annuity exclusion for private retirement income, though military retirement pay is exempt and a limited income-based retirement subtraction exists. For Minnesota retirees, tax-deferred accumulation and withdrawal sequencing matter more than in most states — coordinate annuity income timing with a Minnesota tax professional.

Source: Minnesota Department of Revenue — Individual Income Tax

This information is for general educational purposes only and does not constitute tax advice. Tax laws change frequently. Consult a qualified tax professional for advice specific to your situation. Annuity.com does not provide tax, legal, or accounting advice.
Regulatory information is summarized from official state sources cited below and was last reviewed in June 2026. Always verify current requirements with the Minnesota Department of Commerce.

Minnesota Annuity Regulations

Free Look Period: At least 10 days; see your contract's cover page

Minnesota annuity contracts include a free look period — a window after delivery during which you may return the contract for a full refund with no surrender charges. The minimum period is at least 10 days for most contracts, with the exact terms stated on your contract's cover page.

Carriers may offer longer periods than the state minimum. Confirm current requirements with the Minnesota Department of Commerce.

Source: Minnesota Department of Commerce — insurance consumer resources

Best Interest Standard: Adopted — effective January 1, 2023

Effective January 1, 2023, Minnesota holds producers to the NAIC best-interest standard of conduct when recommending an annuity (Minn. Stat. §§72A.203–72A.2036). The producer must act in the consumer's best interest — 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 a 4-hour best-interest training course before selling annuities, and insurers must maintain supervision systems.

Source: Minn. Stat. §§72A.203–72A.2036 — Minnesota Department of Commerce

Replacement Rules

Minnesota requires consumer protections when an existing annuity or life insurance policy is replaced:

  • A written replacement notice identifying the contracts being replaced and disclosing surrender charges, benefits, and features being given up.
  • Notification to the existing insurer.
  • A documented best-interest basis for the recommendation under Minn. Stat. §72A.2031 et seq.

Source: Minnesota Department of Commerce — insurance consumer resources

Regulatory information is summarized for educational purposes and may not reflect the most recent legislative or administrative changes. This content does not constitute legal advice. Consult the Minnesota Department of Commerce or a qualified insurance professional for the most current requirements.

Annuity Agents in Minnesota

Licensed annuity agents serve Minnesota through the Annuity.com network.

Agents Licensed in Minnesota

Brett Blake
Brett Blake, MBA
Licensed Agent · 2 years
MBA
Gilbert, Arizona
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Ryan Bartels
Ryan Bartels
Licensed Agent
Georgetown, Texas
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Jennifer Kaukeano
Jennifer Kaukeano
Licensed Agent
Waipahu, Hawaii
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Bryan Levy
Licensed Agent
Aurora, Colorado
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Mark Shelby
Mark Shelby
Licensed Agent
AIF®, Accredited Investment FiduciaryCF2®, Certified Financial Fiduciary
Williamsburg, Virginia
View Profile

Related Resources

MYGA Guide: How Multi-Year Guaranteed Annuities WorkFixed Annuities ExplainedWhat Is Your Number? — Retirement Income CalculatorAnnuity Glossary — Every Term DefinedHow Annuities Are Taxed — Qualified vs. Non-QualifiedFor Agents: Serve Minnesota Clients with Annuity.com

Frequently Asked Questions

Does Minnesota tax annuity income?

Yes. Minnesota taxes the taxable portion of annuity distributions as ordinary income at graduated rates from 5.35% to 9.85%, with no broad pension or annuity exclusion for private retirement income. Social Security is partially taxed, with an income-based subtraction that exempts lower- and middle-income retirees.

Does Minnesota tax Social Security benefits?

Partially. Minnesota provides an income-based Social Security subtraction — lower- and middle-income retirees may exclude all or most benefits, while higher-income retirees pay Minnesota tax on a portion. Minnesota is one of a shrinking number of states that still taxes Social Security at all.

What is the free look period for annuities in Minnesota?

Minnesota annuity contracts include a free look period of at least 10 days for most contracts, with the exact period stated on your contract's cover page. During this window you may return the contract for a full refund.

Does Minnesota require annuity agents to act in my best interest?

Yes. Effective January 1, 2023, Minnesota holds producers to the NAIC best-interest standard (Minn. Stat. §§72A.203–72A.2036). Agents must act in the consumer's best interest and complete a 4-hour best-interest training course.

How do I verify a Minnesota annuity agent's license?

Use the Minnesota Department of Commerce license lookup at mn.gov/commerce to confirm any agent holds an active Minnesota insurance license.

Data Disclosure: State-specific regulatory and tax information presented on this page is compiled from the official sources cited inline, including state insurance department publications, state statutes, and state revenue department resources. This information is provided for educational purposes only and may not reflect the most recent changes. Verify all details with the appropriate state regulatory body or a licensed professional before making any financial decision.

Our Agents are licensed to sell insurance products, including annuity products that guarantee retirement income based on the financial strength of the insurance company providing the product. Product availability varies by state. Annuities may not be suitable for everyone.

Guarantees are not government-backed or provided by Annuity.com, Inc. Annuities are not deposits, not insured by the FDIC or any federal government agency, and not guaranteed by any bank or savings association.

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