AgeUp for my parent or loved oneAvailable for ages 50-75
Begin contributing to AgeUp when your parent or loved one is between 50 and 75. Choose a flexible monthly premium as low as $25, and your loved one’s target age between 91-100 when you’ll begin receiving monthly payouts.
Each monthly premium buys a slice of guaranteed income beginning at the target payout age. Over time, those slices stack up to become significant monthly payouts that last for the rest of your loved one’s life.
When your loved one reaches the target payout age, you’ll get guaranteed monthly checks for the rest of his or her life. Your payouts are backed by MassMutual and can be used for anything that’s needed, with no restrictions.
|Typical longevity annuity|
|Flexible monthly premiums starting at $25/mo||Large one-time premium|
|Payouts begin between 91-100, allowing for greater monthly income||Can only be deferred until 85, resulting in smaller payouts|
The minimum upfront cost for a traditional longevity annuity is $10,000, and the average initial contribution is $181,0001, but AgeUp is designed to be accessible to almost everyone. Instead of a single upfront payment, AgeUp lets you break the purchase into affordable monthly installments of as little as $25.
AgeUp payouts start later than most longevity annuities, which allows for greater monthly income, dollar for dollar.
A portion of each payout is your premiums being paid back to you.
Your premiums are conservatively invested by MassMutual, and part of each payout represents interest income. However, MassMutual takes on all the investment risk – so even if markets underperform, your guaranteed income amounts from AgeUp are set in stone and will never fluctuate.
Imagine a group of 10 friends are concerned about running out of money in retirement, so they each put $10,000 into a checking account, agreeing to split it evenly in 20 years. Unfortunately, only seven of them are alive 20 years later, so they each receive $14,286 instead of $10,000. The extra $4,286 each person received came from something called longevity credits (also known as “mortality credits”).
By dividing the funds among those who are alive, longevity credits allow groups of people to share the risk of outliving their retirement resources. They’re also an essential part of how pensions, Social Security, and longevity annuities can guarantee lifetime income.
See how AgeUp can help with a quick online estimate.
|High yield savings/|
|Can pay monthly|
|Skip a monthly deposit/payment when needed|
|High growth potential from market returns|
|Benefit from longevity credits|
|Guaranteed lifetime income|
Each slice of future income is locked in at the time of purchase, and your payout amounts are guaranteed by MassMutual, regardless of market performance.
Unlike savings and other liquid assets that can run out, AgeUp provides guaranteed income that will continue for the rest of your loved one’s life - no matter how long that is.
On the downside, AgeUp isn’t liquid like stocks or savings accounts. There’s no early access to the money and no principal, so you should only consider AgeUp if...
What if my parent/loved one doesn’t live to the target payout age?
What if I die after my parent/loved one reaches the target payout age?
How are payouts determined?
Can I cancel my plan or change my monthly payment later?
MassMutual has been in business since 1851
Rated A++ for financial strength by A.M. Best4
Total assets of $280B in 2019