Here's a more detailed breakdown:

• Fixed Interest Rate:

  The interest rate is pre-determined and guaranteed for the duration of the contract, providing predictable growth. 

   
• Principal Protection:

  Your original investment is protected, and the guaranteed interest rate ensures a specific return. 

   
• Tax-Deferred Growth:

  Earnings accumulate tax-deferred, meaning you don't pay taxes on the interest until withdrawals are taken. 

   

• Market-Linked Interest: The interest rate is linked to a market index, offering potential for higher returns if the index performs well, according to Thrivent. 
   
• Guaranteed Minimum Interest Rate: Even if the market index performs poorly, your principal is protected, and you'll receive a guaranteed minimum interest rate. 
   
• Tax-Deferred Growth: Earnings accumulate tax-deferred, just like with a MYGA. 
   

• Guaranteed vs. Market-Linked Interest:

  MYGAs offer a fixed, guaranteed interest rate, while fixed-indexed annuities offer a market-linked rate with a guaranteed minimum. 

   
• Risk and Return:

  MYGAs are generally considered lower-risk due to the fixed interest rate, while fixed-indexed annuities offer potentially higher returns but also a slightly higher risk. 

   
• Flexibility:

  MYGAs are typically less flexible as they are typically locked into a fixed term, while fixed-indexed annuities may offer more flexibility, such as the ability to change the underlying index or make withdrawals.