Today’s MYGA Rates Available in New Mexico
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 New Mexico
Filter by term, carrier rating, and minimum premium — then connect with a licensed New Mexico agent about any rate you see.
See Today’s Rates →How New Mexico taxes annuity income
New Mexico applies graduated income tax rates (1.7%–5.9%) to the taxable portion of annuity distributions. Qualified annuity distributions are fully taxable as ordinary income; non-qualified annuities are taxed only on the earnings portion. Taxpayers 65 and older may claim a modest income-tested exemption of up to $8,000 against retirement income.
New Mexico is one of the few states that still partially taxes Social Security benefits — though since 2022, single filers with income under $100,000 and joint filers under $150,000 are fully exempt, which covers most retirees. Federal income tax and the 10% federal early-withdrawal penalty (before age 59½) apply as usual.
Source: New Mexico Taxation and Revenue Department
New Mexico Annuity Regulations
Free Look Period: At least 10 days; see your contract's cover page
New Mexico 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 New Mexico Office of Superintendent of Insurance.
Source: New Mexico Office of Superintendent of Insurance — consumer resources
Best Interest Standard: Adopted — effective October 1, 2022
Effective October 1, 2022, New Mexico holds producers to the NAIC best-interest standard of conduct when recommending an annuity. 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.
Replacement Rules
New Mexico 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 New Mexico's standard of conduct.
