Give yourself a
happily ever after 90
AgeUp for me
Available for ages 50-75
How AgeUp works
for me
Today
Begin contributing to AgeUp when you’re between 50 and 75. Choose a flexible monthly premium as low as $25, and a target age between 91-100 to begin receiving monthly payouts.
15+ years
Each monthly premium buys a slice of guaranteed income beginning at your target payout age. Over time, those slices stack up to become significant monthly payouts that last for life.
Future
When you reach your target payout age, get guaranteed monthly checks for life. Your payouts are backed by MassMutual and can be used for anything you like, with no restrictions.
A new take on longevity protection
| Typical longevity annuity | |
|---|---|
| Flexible monthly premiums starting at $25/mo | Large one-time premium ($10,000 minimum/ $181,000 average) |
| Payouts begin between 91-100, allowing for greater monthly income | Can only be deferred until 85, resulting in smaller payouts |
While AgeUp is a longevity annuity, it has two key differences compared to most others on the market:
Affordable for almost everyone
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.
Longer deferral, larger payouts
AgeUp payouts start later than most longevity annuities, which allows for greater monthly income, dollar for dollar.
How can AgeUp guarantee lifetime income?
Premium repayment
A portion of each payout is your premiums being paid back to you.
Growth of premium
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.
Longevity credits
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.
Getting curious?
See how AgeUp can help with a quick online estimate.
How AgeUp compares
| High yield savings/ money market | Stocks/ mutual funds | CDs | |
|---|---|---|---|
| Can pay monthly | |||
| Skip a monthly deposit/payment when needed | |||
| N/A | |||
| High growth potential from market returns | |||
| Benefit from longevity credits | |||
| Flexible withdrawals | |||
| Guaranteed principal | |||
| N/A | |||
| Guaranteed lifetime income | |||
Guaranteed return
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.
Lifetime income
Unlike savings and other liquid assets that can run out, AgeUp provides guaranteed income that will continue for the rest of your 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...
- You’re in pre-retirement or early retirement
- You’re in good health
- You can afford to trade small monthly payments now for guaranteed income in the future
Frequently asked questions
What if I don’t live to my target payout age?
Death before payout age options:
Yes (Money back, but smaller payouts)
With this option, if you die before reaching the target payout age, 100% of the premiums you’ve paid until that point will be returned to your chosen beneficiary. However, your payouts will be smaller if you do reach the target payout age. (This is called Single Life Annuity - Death Benefit Prior to the Annuity Date in the contract and illustration.)No (Larger payouts, but no money back)
If you select no, your payouts will be higher if you reach the target payout age, but there’s no refund if you die before then. (This is called Single Life Annuity - No Death Benefit Prior to the Annuity Date in the contract and illustration.)What if I reach my target payout age, but die right after?
For example, let’s say you choose a target payout age of 93 and pay a total of $15,000 in premiums. The day you turn 93, you and/or your beneficiaries are guaranteed to receive at least $15,000.
How are payouts determined?
Premium amount
The larger your monthly premium, the higher your payouts.Payout age
The higher the age when you begin receiving payouts, the larger each monthly payout will be. (Similar to how delaying your Social Security retirement age will increase your monthly benefit.)Age today
The earlier you start AgeUp, the larger the payouts will be. That’s because 1) you’re paying premiums for a longer period of time, and 2) the premiums have more time to mature.Gender
Women have longer life expectancies on average, so the payouts will be slightly higher for men than women if all else is equal. However, some states require uniform pricing regardless of gender.Interest rates and other pricing factors
Each time we collect a monthly premium, we guarantee a future associated increase in monthly annuity payout amount that will never fluctuate. However, the amount of income you’ll receive for each monthly annuity payout depends on the projected interest rate environment and other pricing factors at the time of each premium.Can I cancel my plan or change my monthly payment later?
It’s important to note that previous payments are locked in after 10 days, so the money you’ve paid will stay in effect until you reach the target payout age. (Or until death, if “yes” is selected for the “death before payout age” option.) AgeUp is designed for the long haul, so we’d recommend you think carefully before buying.
Backed by one of the best
AgeUp is issued by MassMutual and developed and sold by Haven Life Insurance Agency, a MassMutual-owned innovation hub that’s building new technologies to make buying financial products actually simple.
Stability
MassMutual has been in business since 1851
Strength
Rated A++ for financial strength by A.M. Best4
Scale
Total assets of $280B in 2019