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What's a deferred annuity?

A deferred annuity is a type of insurance contract that can help you save and prepare for retirement. You can buy a deferred annuity with a one-time, lump sum of money.

Our deferred annuity is the USAA Fixed Guaranteed Growth (FGG) annuity. With an FGG annuity, you'll have predictable growth backed by the financial strength of USAA Life Insurance Company.

Read video transcript : Grow Your Money With Security and Stability

How does a deferred annuity work?

Our deferred annuity can offer reduced risk and dependable growth. Once you put money into one, here's what you can expect.

Guaranteed Interest Rate

Our deferred annuities start with a one-time, lump sum of money that will earn a competitive and
guaranteed^{See note1} interest rate for a certain period of time.^{See note2} USAA offers several options for fixed-rate periods that may meet your needs.
Tax-deferred Growth

Your money will continue to earn tax-deferred interest until you withdraw it.^{See note3}
Optional Source of Income

Depending on your future needs, you could use money from your deferred annuity to generate income from an immediate annuity (opens new window).

Compare rates and features.

A USAA Fixed Guaranteed Growth (FGG) deferred annuity offers 3-, 5- and 10-year interest rate guarantee periods. Plus, you'll get a free withdrawal option of up to 10% annually after the first year.

3-year FGG

Interest rates up to:

4.50%

See current rates for 3 year fgg (opens modal)

$50,000

Minimum to open

How to fund an annuity (opens modal) Apply now for 3 year fgg View surrender charges for 3 year fgg (opens modal)

5-year FGG

Interest rates up to:

4.65%

See current rates for 5 year fgg (opens modal)

$20,000

Minimum to open

How to fund an annuity (opens modal) Apply now for 5 year fgg View surrender charges for 5 year fgg (opens modal)

10-year FGG

Interest rates up to:

4.80%

See current rates for 10 year fgg (opens modal)

$20,000

Minimum to open

How to fund an annuity (opens modal) Apply now for 10 year fgg View surrender charges for 10 year fgg (opens modal)

If you would like a recommendation, call 800-833-9847 for a USAA Retirement Income Specialist.

Rate effective December 12, 2024. Your actual rates will depend on your physical address state. Interest rates are subject to change, but they'll never be less than the guaranteed minimum. Your interest rate will be the rate in effect on the day we receive your signed application — as long as we receive your money within 30 days of that date. This is known as an interest rate lock.

The minimum guaranteed interest rate is subject to change and may vary by product and state. The minimum guaranteed rate is fixed and will not change after the contract is issued.

Talk to a USAA Retirement Income Specialist

We're here to help you find the annuity that best fits your retirement plan.

Our Retirement Income Specialists have the knowledge and insights to help you enjoy your retirement. They don't work on commissions, and they can offer a complimentary review of your retirement outlook.

They'll help educate you about:

Retirement goals.
Income sources.
Expenses and debt.
401(k)s, IRAs and other assets.
Insurance and coverage limits.

You can get ready for your conversation using our retirement planning worksheet (PDF) Opens new window.

To talk to a USAA Retirement Income Specialist, call us

Schedule a call(Opens new window)

Call 800-833-9847(Opens popup)

For TTY devices, dial 711

View Hours(Opens popover)

Benefits of deferred annuities

Our FGG annuity may fit into your overall retirement plan and help supplement other income like Social Security.

Competitive Fixed Rates

Earn more interest on your retirement savings over time.
Protected Growth

Save more without exposure to the ups and downs of investment markets.
Tax-deferred Earnings

Keep more earned interest and grow your money faster by delaying the tax impact.

See how your money could grow in a deferred annuity

Just enter a starting amount in the calculator, along with the number of years you want your money to grow. We'll show you how your FGG account value could increase over time.

Calculate growth now

Why choose USAA Life Insurance Company for an annuity?

We've been providing financial products and services to our members for more than sixty years. And we're built around the core values of service, loyalty, honesty and integrity. Here's more of what you can expect from us.

Professional guidance

Our Retirement Income Specialists can help you develop a complimentary retirement income review. Their customized planning and strategies for receiving payments from your annuity can help you retire with confidence.

Financial strength

The USAA Life Insurance Company maintains top-tier grades from all three key rating agencies. That includes the highest possible from A.M. Best and the second-highest possible from both Moody's Investor Service and S&P Global.^{See note4}

Commitment to the military

USAA ranks #1 on the Military Friendly® Company 2024 list.

How to Grow your Retirement Savings Worry-free.

Join us for a short presentation on Dec. 11 at 1 p.m. CT to learn how annuities can keep your retirement savings growing. You'll learn about guaranteed rates, market-based rates, and the power of tax deferred earnings, including Q&A with licensed USAA specialists.

Get help settling an annuity.

Surviving the loss of a loved one involves many challenges and decisions. Our Survivor Relations team is ready to help during this difficult time. We can help beneficiaries file an annuity claim and provide guidance on how to handle an estate.

Learn moreabout USAA Survivor Relations Team

Deferred Annuities FAQ

Are deferred annuities taxable?

Can I use my deferred annuity to create an income stream?

What's the difference between a deferred annuity and an immediate annuity?

Can I make multiple contributions to a deferred annuity?

View all annuities FAQ

Related resources

Annuities 101: most commonly asked questions and answers

Article: 5 minutes

Read article about Annuities 101: most commonly asked questions and answers
Understanding annuities: Myth versus fact

Article: 5 minutes

Read article about Understanding annuities: Myth versus fact
How prepared are you for retirement?

Calculator: 5 to 6 minutes

Calculate now(opens window)

What if FGG isn't right for you?

If you think an FGG annuity isn't the best fit for your situation, we offer other annuity options.

Fixed Index Annuity

Our Fixed Index Annuity (FIA) annuity offers a market-driven index that could bring you higher interest returns.

Minimum to open: $100,000
7-year term
Index tied to the S&P 500® performance without risk of losing principal

Learn about this annuity called Fixed index annuity

Immediate Annuity

Our Single Premium Immediate Annuity (SPIA) offers a guaranteed stream of income for your lifetime, a set number of years or both.

Minimum to open: $20,000
Term: 10 to 30 years, your lifetime or both
Payouts can start right away

Learn about this annuity called Single premium immediate annuity

Current Interest Rates

Contribution Amount	Rate
Less than $49,999	3.85 %
$50,000 to less than $99,999	3.90 %
$100,000 to less than $249,999	4.50 %
$250,000 to less than $499,999	4.50 %
$500,000 to less than $999,999	4.50 %
$1,000,000 and higher	4.50 %

Rate effective December 12, 2024. Interest rates are subject to change, but they'll never be less than the guaranteed minimum. Your interest rate will be the rate in effect on the day we receive your signed application — as long as we receive your money within 30 days of that date. This is known as an interest rate lock.

Minimum Guaranteed Interest Rates

When your FGG annuity goes beyond its guaranteed period, it will earn no less than the minimum rate listed below. But it will never be lower than the guaranteed minimum interest rate.

Period	Rate
4 to 14 Years	1.75 %
15 or More Years	2.80 %

Fixed Guaranteed Growth earns interest at the rate in effect at the time of purchase. Rate guaranteed for the period selected. Afterwards, interest rates may change monthly, but not below the minimum guaranteed interest rate.

Current Interest Rates

Contribution Amount	Rate
Less than $49,999	4.10 %
$50,000 to less than $99,999	4.10 %
$100,000 to less than $249,999	4.65 %
$250,000 to less than $499,999	4.65 %
$500,000 to less than $999,999	4.65 %
$1,000,000 and higher	4.65 %

Minimum Guaranteed Interest Rates

When your FGG annuity goes beyond its guaranteed period, it will earn no less than the minimum rate listed below. But it will never be lower than the guaranteed minimum interest rate.

Period	Rate
6 to 14 Years	1.75 %
15 or More Years	2.80 %

Current Interest Rates

Contribution Amount	Rate
Less than $49,999	4.40 %
$50,000 to less than $99,999	4.40 %
$100,000 to less than $249,999	4.80 %
$250,000 to less than $499,999	4.80 %
$500,000 to less than $999,999	4.80 %
$1,000,000 and higher	4.80 %

Minimum Guaranteed Interest Rates

When your FGG annuity goes beyond its guaranteed period, it will earn no less than the minimum rate listed below. But it will never be lower than the guaranteed minimum interest rate.

Period	Rate
11 to 14 Years	1.75 %
15 or More Years	2.80 %

After the first year, you can take a one-time withdrawal up to 10% of your annuity's value each year without paying a surrender charge. The table below shows the percentage we will charge for any additional withdrawal. The percentage depends on the year contract in which you make the withdrawal.

Year	Rate
1	9.0%
2	8.0%
3	7.0%

After the first year, you can take a one-time withdrawal up to 10% of your annuity's value each year without paying a surrender charge. The table below shows the percentage we will charge for any additional withdrawal. The percentage depends on the year contract in which you make the withdrawal.

Year	Rate
1	9.0%
2	8.0%
3	7.0%
4	6.0%
5	5.0%

After the first year, you can take a one-time withdrawal up to 10% of your annuity's value each year without paying a surrender charge. The table below shows the percentage we will charge for any additional withdrawal. The percentage depends on the year contract in which you make the withdrawal.

Year	Rate
1	9.0%
2	8.0%
3	7.0%
4	6.0%
5	5.0%
6	4.0%
7	3.0%
8	2.0%
9	1.0%
10	0.5%

Note 1 Guarantees apply to certain insurance and annuity products and are subject to product terms, exclusions and limitations and the insurer's claims-paying ability and financial strength.

Note 2 Fixed Guaranteed Growth earns interest at the rate in effect at the time of purchase. Rate guaranteed for the period selected. Afterwards, the interest rate will change to the minimum guaranteed interest rate associated with the contract.

Note 3 Money not previously taxed is taxed as income when paid. Withdrawals before age 59½ may be subject to a 10% federal tax penalty.

Note 4 As of February 1, 2024, A.M. Best: A++, Superior (highest of 16 possible ratings); Moody's Investors Service: Aa1, Excellent (second highest of 21 possible ratings); Standard & Poor's: AA+, Very Strong (second highest of 21 possible ratings). Ratings are subject to change. Ratings apply to USAA Life Insurance Company and USAA Life Insurance Company of New York not to the products or services they provide. Company ratings represent an opinion of financial strength and the company's ability to meet ongoing obligations to policyholders. Ratings refer to the claims-paying ability of the insurance company and do not reflect the safety or performance of any product. The rating agencies listed are independent of each other and use proprietary evaluation criteria and ratings scales. For the latest Financial Strength Ratings, visit www.ambest.com, www.moodys.com and www.standardandpoors.com.

Fixed Indexed Annuity (FIA) material is not intended for residents of Idaho, North Dakota or Oregon.

The trademarks, logos and names of other companies, products and services are the property of their respective owners.

The minimum guaranteed interest rate is subject to change and may vary by product and state. The minimum guaranteed rate is fixed and will not change after the contract is issued.

An annuity is a long-term insurance contract issued by an insurance company designed to provide a retirement income stream for life. Once the contract principal is converted into an income stream, you will no longer have access to your principal as a lump sum. Terms, conditions, limitations and surrender charges may apply.

Prior to requesting an IRA rollover from a qualified retirement plan (Plan) account or Thrift Savings Plan (TSP) account, consider whether such a rollover is appropriate for you. A TSP is a retirement plan for military or civilian employees of the U.S. government. Although IRA rollovers may have certain advantages, Plan/TSP accounts have advantages you should consider before proceeding which may include, but are not limited to, low administrative and investment expenses and, if you separate from service at age 55 or older, you have penalty-free access to your Plan/TSP account funds. Additionally, you may want to consider maintaining at least a minimal Plan/TSP account balance because, in the event you want to transfer or rollover qualified assets to your Plan/TSP account in the future, to the extent it is allowed by your Plan/ TSP, you may be required to have an open Plan/TSP account with a balance when your request is received by that Plan/TSP. You should consult your tax advisor regarding your specific situation to determine whether a Plan/TSP account rollover to an IRA would be suitable for you.

Fixed Indexed Annuity (FIA): Forms ICC2399755 06-23, ASP504431ST 07-23, ASP504389FL 07-23, ASP504351CA 07-23

Fixed Guaranteed Growth (FGG): Forms ICC2398732 06-23, ASP98784CA 10-18, ASP98782ST 10-18, ASP98783FL 06-23, ASP98785ND 10-18, ASP98863SD 10-18, NSP98868NY 10-18

Guaranteed Retirement Income Plan (GRIP): Forms ASI94832ST 10-11, ASI97207AK 10-11, ASI94878AR 10-11, ASI97208AZ 10-11, ASI94875CA 10-11, ASI97165CT 10-11, ASI97123IA 10-11, ASI97032ID 10-11, ASI94876IL 10-11, ASI97195KS 10-11, ASI97170MA 10-11, ASI94940MD 10-11, ASI94879MN 10-11, ASI94921MT 10-11, ASI94920NJ 10-11, ASI97268OH 10-11, ASI94877OK 10-11, ASI94941OR 10-11, ASI94922PA 10-11, ASI94833TX 10-11, ASI97124VA 10-11, ASI94874OS 10-11, NSI94897NY 10-11, NSI97130NY 10-11

INDEX DISCLOSURE
The "S&P 500®" is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by USAA LIFE INSURANCE COMPANY AND USAA LIFE INSURANCE COMPANY OF NEW YORK. Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). It is not possible to invest directly in an index. USAA Fixed Indexed Annuity are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the USAA Fixed Indexed Annuity or any member of the public regarding the advisability of investing in securities generally or in USAA Fixed Indexed Annuity particularly or the ability of the S&P 500® to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices' only relationship to USAA LIFE INSURANCE COMPANY AND USAA LIFE INSURANCE COMPANY OF NEW YORK with respect to the S&P 500® is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P 500® is determined, composed and calculated by S&P Dow Jones Indices without regard to USAA LIFE INSURANCE COMPANY AND USAA LIFE INSURANCE COMPANY OF NEW YORK or the USAA Fixed Indexed Annuity. S&P Dow Jones Indices has no obligation to take the needs of USAA LIFE INSURANCE COMPANY AND USAA LIFE INSURANCE COMPANY OF NEW YORK into consideration in determining, composing or calculating the S&P 500®. S&P Dow Jones Indices is not responsible for and have not participated in the determination of the prices, and amount of USAA Fixed Indexed Annuity or the timing of the issuance or sale of USAA Fixed Indexed Annuity or in the determination or calculation of the equation by which USAA Fixed Indexed Annuity is to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of USAA Fixed Indexed Annuity. There is no assurance that investment products based on the S&P 500® will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment or tax advisor. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

NEITHER S&P DOW JONES INDICES NOR THIRD PARTY LICENSOR GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P 500® OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY USAA LIFE INSURANCE COMPANY AND USAA LIFE INSURANCE COMPANY OF NEW YORK, OWNERS OF THE USAA Fixed Indexed Annuity, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500® OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND USAA LIFE INSURANCE COMPANY AND USAA LIFE INSURANCE COMPANY OF NEW YORK, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

Life insurance and annuities provided by USAA Life Insurance Company, San Antonio, TX and in New York by USAA Life Insurance Company of New York, Highland Falls, NY. All insurance products are subject to state availability, issue limitations and contractual terms and conditions. Each company has sole financial responsibility for its own products.

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Deferred Annuity

Get peace of mind with tax-deferred growth.

What's a deferred annuity?

How does a deferred annuity work?

Guaranteed Interest Rate

Tax-deferred Growth

Optional Source of Income

Compare rates and features.

3-year FGG

5-year FGG

10-year FGG

Talk to a USAA Retirement Income Specialist

To talk to a USAA Retirement Income Specialist, call us

Benefits of deferred annuities

Competitive Fixed Rates

Protected Growth

Tax-deferred Earnings

See how your money could grow in a deferred annuity

Why choose USAA Life Insurance Company for an annuity?

Professional guidance

Financial strength

Commitment to the military

How to Grow your Retirement Savings Worry-free.

Get help settling an annuity.

Deferred Annuities FAQ

Related resources

Annuities 101: most commonly asked questions and answers

Understanding annuities: Myth versus fact

How prepared are you for retirement?

What if FGG isn't right for you?

Fixed Index Annuity

Immediate Annuity

Ready to talk to us about your ideal retirement?

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