Gainbridge SteadyPace Review: Increase Your Retirement Income With a Multi-Year Guaranteed Annuity

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Quick Take: The Gainbridge SteadyPace multi-year guaranteed annuity is a fixed, deferred annuity. You deposit a lump sum of money and leave it there for three years, and it earns a fixed rate of interest. The SteadyPace annuity is designed to provide income in retirement, but, as with any annuity product, it's important to understand how it works.
  • Rates
  • Fees
  • Policy Features
  • Customer Service
How did we calculate this?


  • 6.15% guaranteed interest rate for three years
  • Earnings grow tax-deferred
  • Option to take monthly payments after three years


  • Restrictions on withdrawals in the first three years
  • Earnings are taxed at regular income rates upon withdrawal

Gainbridge SteadyPace Multi-Year Guaranteed Annuity Overview

The SteadyPace MYGA is a single-premium, deferred fixed annuity. There’s a lot of industry jargon in that description, so let’s break it down.

MYGA stands for multi-year guaranteed annuity. With this type of annuity, you get a guaranteed rate of interest over a period of time, in this case, three years. (That’s the fixed part.)

Single-premium means that you deposit a single lump-sum amount when you purchase the annuity, and you cannot add funds to it.

Deferred means that you need to leave the money in the account for a period of time (typically equal to the guaranteed interest rate period) before you take it out. Partial withdrawals of up to 10% of the contract value are allowed after the first year, but if you withdraw more than the allowed amount, you will be hit with a hefty surrender charge (also called a withdrawal fee). There’s also a market value adjustment which can reduce the amount you’ll get back if you withdraw your money prematurely.

As with all annuities, the money grows tax-deferred, which means that you are not taxed on the gains until you withdraw the money. At that time, your earnings are taxed as regular income, not capital gains. For this reason, annuities are viewed as an advantageous vehicle for retirement savings because your tax bracket is typically lower in retirement than it is when you are working.

Annuities are issued by insurance companies, not banks, so they are not FDIC-insured. When you purchase an annuity, you’re entering into a contract with the insurance company, so it’s important to choose one you know will still be around when it comes time to take your money out.

Key Features

Here are some of the key features of the Gainbridge SteadyPace multi-year guaranteed annuity.


The current interest rate is . This rate is guaranteed for three years, at which time you can withdraw your money, continue the contract at the current rate, or take monthly payments (annuitize) over five to 10 years.


There are no commissions on the Gainbridge SteadyPace multi-year guaranteed annuity because it is sold only online. You will only incur fees if you withdraw more than 10% of your contract value per year within the first three years.

Policy Features

The Gainbridge SteadyPace multi-year guaranteed annuity is a solid fixed annuity that’s relatively easy to understand. You know from the beginning how much you will earn, making planning easy. Once the contract ends, you can continue it at the current rate, take the money out and do something else with it, or annuitize it — receiving a series of equal monthly payments over a five- to 10-year period.

Customer Service

Gainbridge annuities can be purchased online in a few simple steps. If you need to talk to a licensed annuity agent, you can do so by phone or by chatting online.

How the Gainbridge SteadyPace Multi-Year Guaranteed Annuity Stands Out

The Gainbridge SteadyPace MYGA stands out primarily because of its interest rate. The fixed rate compares favorably with other fixed annuities and with certificates of deposit and other guaranteed options. An annuity is also one of the few investments that is tax deferred even if it’s not an individual retirement account or other qualified investment. You don’t pay taxes on the gains until you withdraw the money, usually in retirement.

Comparable Options

Whenever you’re considering a new investment, it’s important to compare your options. If you’re looking for guaranteed fixed income over a three-year time horizon, you can consider fixed annuities or CDs. Here are some other choices you may want to evaluate before you make a decision.

Marcus by Goldman Sachs 3-Year CD

Marcus by Goldman Sachs, Member FDIC, offers a three-year CD that pays an annual percentage yield (APY) of as of Oct. 21, 2023. The CD has a minimum balance of $500. You’d earn less over the three-year period ($6,895 for the CD vs. $8,545 for the annuity if you were to invest $50,000), but your investment would be FDIC-insured.

Farmers Life Insurance Co. MYGA

Farmers Life Insurance Co. is a well-known name in the insurance industry, and it offers a three-year MGYA that pays 5.65% APY. Many of the features of this contract are similar to the SteadyPace product, except that you can only withdraw the interest free of charge before the three-year contract period is up.

How To Apply

To apply for a Gainbridge SteadyPace multi-year guaranteed annuity, go to the Gainbridge website. Click the “Get started” button in the upper right corner. You’ll see a screen where you can fill in how much you want to invest and for how long, and it will show you your interest rate and your projected value at the end of the policy period. Fill in the required information and click “Continue.”

Then you’ll need to fill in information about yourself, and the product and plan type you’re applying for. You’ll need to name your beneficiaries and answer some questions to determine if you’re eligible to open an annuity. (Annuities are not for everyone, so you’ll be asked questions about your income and other investments, to ensure you’re not putting every dime you have into this annuity.)

Then you’ll need to set up a way to transfer the money into the account. You’ll review the information, open the account, and sign the forms. If you have questions along the way, you can call or chat with a licensed agent at Gainbridge.

Who the Gainbridge SteadyPace Multi-Year Guaranteed Annuity Is Best For

Those who may be nearing or in retirement and are looking for a safe place to put their money would do well to consider the Gainbridge SteadyPace multi-year guaranteed annuity. The high interest rate provides a solid return with little risk. The ability to receive monthly payments at the end of the contract period means that this product can act as a “personal pension,” providing regular income during retirement.

Final Take

There are a lot of annuities out there, and they have lots of different features, bells and whistles. The Gainbridge SteadyPace multi-year guaranteed annuity cuts through the noise by offering a good rate of return that’s guaranteed and has reasonable requirements to get that rate.


  • Is Gainbridge a legitimate company?
    • Yes, it is. Gainbridge Insurance Agency LLC is a wholly owned subsidiary of Group 1001 Insurance Holdings LLC, a U.S. insurance company.
  • Is a MYGA better than a CD?
    • It depends on your financial goals. A multi-year guaranteed annuity typically pays a higher rate of interest than a CD but has stiffer penalties for withdrawing your money early.
  • What's the difference between a MYGA and an annuity?
    • A multi-year guaranteed annuity, or MYGA, is an annuity, but it's a specific type of annuity. It is a fixed annuity that pays a guaranteed rate of interest over a predetermined number of years. As with other annuities, it is an insurance product, earnings grow tax-deferred, and it is not FDIC-insured.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Oct. 21, 2023.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.


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