How AgeUp works

AgeUp is an annuity that gives you an income boost if you live into your 90s, and an optional return of premium that could help cover final or other expenses if you don't.

backed by MassMutual

The basics

Why AgeUp?

The odds of living into your 90s are higher than you might think. A healthy 65-year-old woman has a 53% chance of reaching 90. For men, the number is 42%.1 That's great news, but relatively few Americans have enough retirement savings to last for 30+ years. That's the problem AgeUp was designed to help solve.

Chance of living to age 90

for a 65-year-old in excellent health

53%

for women

42%

for men

If you reach your 90s...

AgeUp pays a stream of monthly income that's backed by MassMutual and guaranteed to last for life. You can think of it like a private pension plan, or a Social Security supplement for advanced age.

If don't reach your 90s...

The optional return of premium feature lets you leave the money you've paid in premiums to a beneficiary. He or she can use the money for anything, including helping to cover funeral costs, settling debts, or just as an inheritance.

AgeUp at a glance

Product typeLongevity annuity (or deferred income annuity)
Issued byMassMutual
ApplicationDigital
Medical examNone
Age eligibility50-75
AvailabilityAll states except CA, FL, and NY (coming soon to CA)
PremiumsChoose your own, from $25-$250 per month
Age when income begins91-100
Return of premiumOptional

Who needs AgeUp?

AgeUp can be a valuable tool when planning for late retirement, but it won't be right for everyone. Here are some questions that may help you decide if a longevity annuity like AgeUp is the right fit.

AgeUp may be right for you if...

On the other hand, AgeUp may not be right for you if your health is below average, or are low on savings and will likely need access to your premiums earlier in retirement.

What is AgeUp?

AgeUp is a longevity annuity, also known as a deferred income annuity. In a nutshell, longevity annuities let you trade money today for guaranteed income beginning on a set date in the future. It's similar to buying a pension for yourself that begins late in retirement.

Annuities are backed by insurance companies - MassMutual in AgeUp's case. Since the amount of income is predetermined, longevity annuities provide a stable income floor that's shielded from market ups and downs, and will never run out.

The income you'll receive is yours to use however you like. And despite not beginning until later in life, longevity annuities can help you plan more effectively in early retirement. Knowing you'll have a guaranteed income stream in the future gives you a defined period in which the bulk of your savings needs to last.

Longevity annuity benefits

Longevity annuity drawbacks

Getting started with AgeUp

How does AgeUp work?

You can begin AgeUp at any age between 50 and 75. When you start, you'll choose:

  1. A flexible monthly premium, from $25 to $250
  2. A target age from 91-100 to begin receiving payouts - the higher the age, the more monthly income you'll receive
  3. Your return of premium option

Premium payments start when you purchase AgeUp, and continue until 13 months before you reach your target age. With each monthly premium payment, you increase the amount of income you'll receive when you reach your target age. Once your income starts, it's guaranteed to last for the rest of your life, and can be used however you like.

Chart showing how AgeUp works. You'll start paying monthly premiums at purchase, then stop 13 months before you reach your target age. Once you reach your target age, you'll get guaranteed monthly income for the rest of your life. The payouts will be larger if you decline the return of premium feature.
Chart showing how AgeUp works. You'll start paying monthly premiums at purchase, then stop 13 months before you reach your target age. Once you reach your target age, you'll get guaranteed monthly income for the rest of your life. The payouts will be larger if you decline the return of premium feature.

Can I change or pause my monthly premiums?

AgeUp premiums are flexible, so you can increase or decrease them over time as your financial situation changes. You can also pause your payments for as long as you need. Just be aware that your annuity income builds over time with each premium payment, so paying less into AgeUp now means getting less out in the future.

On the other hand, your choices for the return of premium option and target age are set at the time of purchase and can't be changed, so think carefully before making those decisions.

What if I don't live into my 90s?

While the chances of living into your 90s are relatively high, not everyone will. That's why AgeUp includes an optional feature called return of premium.

If you choose return of premium and pass away before your income begins, 100% of the money you've paid into AgeUp will be returned to a beneficiary. Choosing this option reduces your potential monthly annuity income, but it guarantees you'll never get back less than you put in.

The beneficiary can be anyone you choose, and will be paid directly to them without needing to pass through probate, similar to a life insurance payout. Your beneficiary can use the funds without restrictions, including helping to cover your final expenses or settle estate debts, or simply kept as an inheritance.

AgeUp with return of premium

The chart below shows how AgeUp works with return of premium, using an estimate for a 65-year-old man with a target age of 91 and a $50/mo premium. The left half illustrates how much his beneficiary would receive if he dies before reaching his target age. On the right is his lifetime income beginning at his target age of 91.

Chart showing how AgeUp works with return of premium, using a 65-year-old man with a premium of $50 per month. If he passes away at age 70, his beneficiary would receive a refund of $3,000. At age 75, the refund would be $6,000, then $9,000 at age 80 and $12,000 at age 85. We stop collecting premiums 13 months before the target age, so if he dies at 90, his beneficiary would receive a refund of up to $14,950. Starting on his 91st birthday, he'll receive $502 per month for the rest of his life to use however he likes.
Chart showing how AgeUp works with return of premium, using a 65-year-old man with a premium of $50 per month. If he passes away at age 70, his beneficiary would receive a refund of $3,000. At age 75, the refund would be $6,000, then $9,000 at age 80 and $12,000 at age 85. We stop collecting premiums 13 months before the target age, so if he dies at 90, his beneficiary would receive a refund of up to $14,950. Starting on his 91st birthday, he'll receive $502 per month for the rest of his life to use however he likes.

This illustration is based on a Massachusetts resident born on 2/15/1956 and assumes AgeUp's current purchase rates as of 2/16/2021 will not change for future purchase payments. It is likely that they will change, and actual payouts will be higher or lower than shown.

AgeUp without return of premium

Choosing no return of premium increases the monthly income beginning at his target age of 91, but there's no refund to a beneficiary if he dies before then.

Chart showing how AgeUp works with no return of premium, using the same example as above of a 65-year-old man and a $50 per month premium. His monthly income starting at age 91 will be higher, $880 per month. But if he dies before reaching his target age of 91, there’s no refund to a beneficiary.
Chart showing how AgeUp works with no return of premium, using the same example as above of a 65-year-old man and a $50 per month premium. His monthly income starting at age 91 will be higher, $880 per month. But if he dies before reaching his target age of 91, there’s no refund to a beneficiary.

This illustration is based on a Massachusetts resident born on 2/15/1956 and assumes AgeUp's current purchase rates as of 2/16/2021 will not change for future purchase payments. It is likely that they will change, and actual payouts will be higher or lower than shown.

No matter which return of premium option you choose, AgeUp always comes with a Cash Refund Guarantee. That means that once you reach your target age, you're guaranteed to get back at least as much as you put in.

How does the return of premium option work?

Premium returns are a common option among longevity annuities and life insurance policies. When you purchase a longevity annuity, the insurance company invests that money over time.

While choosing return of premium will return all of the money you've paid in, it's not returned with interest, so there is some opportunity cost. That's because the investment income generated by your premiums is used to fund the annuity payouts for people who do live to their payout age, along with the company's expenses and any profit.

If you decline return of premium, there's certainly more risk, but also significantly more income if you reach your payout age due to "longevity credits." (Or mortality credits, if you're a glass-half-empty sort.) When an annuitant who declines the return of premium dies before recouping their payments, the unused portion is not returned to a beneficiary, but instead funds the larger payouts of those who do live a very long life.

Which should I choose?

Ultimately, which option you choose depends on your situation. We can't advise which is right for you, but things to consider include how likely you are to reach an advanced age, your risk tolerance, and whether you'd prefer to maximize your future income or leave money behind for loved ones.

We've got your back

...and MassMutual has ours. Every AgeUp contract is issued by MassMutual, one of the country's oldest and most reliable insurers.

MassMutual

Finding the right fit

Who is eligible for AgeUp?

To purchase AgeUp, you just need to be a U.S. citizen or permanent resident between the ages of 50 and 75, and live in a state where AgeUp is offered. We're currently available nationwide, with the exception of California, Florida, and New York.

We're launching in California soon. If you'd like to be notified when AgeUp is available where you live, you can join our waitlist here.

How does AgeUp compare to other financial products and retirement planning options?

It's important to know that because AgeUp begins late in retirement, it's designed to complement other savings and investing options, rather than replace them. Still, it's helpful to know the potential strengths and weaknesses of each when deciding if AgeUp is right for you.

Annuities like AgeUp are great for safeguarding against two major concerns: market risk and longevity risk, or the chance of outliving your savings. That means the amount of income is guaranteed, regardless of what happens in the market or to the underlying investments. And unlike a savings or investment account, it will never run out, no matter how long you live.

Chart comparing stocks, savings accounts, and AgeUp. Stocks have flexible payments, no lifetime income guarantee, aren't guaranteed to get back at least what you put in, but do have flexible withdrawals and market upside. Savings accounts have flexible payments, no lifetime income guarantee, you are guaranteed to get back what you put in, flexible withdrawals, but no market upside. AgeUp has flexible payments, lifetime income guarantee, you're guaranteed to get back what you put in if return of premium is selected, but no flexible withdrawals or market upside.
Chart comparing stocks, savings accounts, and AgeUp. Stocks have flexible payments, no lifetime income guarantee, aren't guaranteed to get back at least what you put in, but do have flexible withdrawals and market upside. Savings accounts have flexible payments, no lifetime income guarantee, you are guaranteed to get back what you put in, flexible withdrawals, but no market upside. AgeUp has flexible payments, lifetime income guarantee, you're guaranteed to get back what you put in if return of premium is selected, but no flexible withdrawals or market upside.

*If return of premium option is selected

On the other hand, AgeUp isn't liquid like savings or stocks, so you can't withdraw funds before your payouts begin or premiums are returned to your beneficiary, and no market risk also means no market upside.

How is AgeUp different from other longevity annuities?

Chart comparing typical longevity annuities to AgeUp. Typical longevity annuities have a minimum initial payment of $10,000. AgeUp has a minimum initial payment of $25. Typical longevity annuities are paid in a lump sum, AgeUp is paid in monthly installments. Typical longevity annuities begin paying income no later than 85, while AgeUp starts between 91 and 100. Both have an optional return of premium and guarantee lifetime income. AgeUp also offers fully digital purchase, while most longevity annuities don't.

Pay over time

Typical longevity annuities are purchased in a lump sum, with a minimum initial payment of $10,000. AgeUp breaks the premiums up into affordable monthly installments of $25-$250.

Longer deferral

Most longevity annuities can only be deferred to age 85, but AgeUp payouts begin at any age you choose between 91-100. You'll need to wait longer to begin receiving income, but it will be more than you'd receive from a typical longevity annuity, dollar for dollar.

Looking at the numbers

How much does AgeUp cost?

Since you choose your own flexible monthly premiums, how much AgeUp costs is up to you. Your future income will be based partly on the amount you pay in, so the larger your premiums, the larger the payouts. (Or refund, if you choose return of premium and don't reach the target age). Other factors that will affect your payouts include:

The younger you are when you purchase AgeUp, the more income you’ll receive, since you’re paying premiums for a longer period of time.

You can choose to begin receiving income at any age from 91 to 100. The higher the age, the more income you’ll receive, because 1) you’re paying premiums for a longer amount of time, and 2) you’ll receive income for a shorter period.

Declining the return of premium will increase your monthly annuity payouts, but also increases your risk.

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.

Each monthly premium guarantees an increase in future annuity income that will never fluctuate. However, the amount of income you’ll receive from each premium depends on the projected interest rate environment and other pricing factors at the time of each purchase.

See your rate with a quick online estimate.

AgeUp payout examples by age and premium

Wondering how much income AgeUp provides? Here are some example estimates at a few different starting ages and premium amounts.

50-year-old woman, $50 per month premium2
Target agePayouts with return of premiumPayouts without return of premium
91$984/mo$1,373/mo
93$1,390/mo$2,055/mo
95$2,073/mo$3,261/mo
97$3,318/mo$5,565/mo
60-year-old man, $50 per month premium2
Target agePayouts with return of premiumPayouts without return of premium
91$699/mo$1,166/mo
93$1,031/mo$1,882/mo
95$1,618/mo$3,237/mo
97$2,752/mo$6,002/mo
70-year-old woman, $100 per month premium2
Target agePayouts with return of premiumPayouts without return of premium
91$580/mo$944/mo
93$827/mo$1,494/mo
95$1,231/mo$2,489/mo
97$1,946/mo$4,434/mo

Curious what your quote will be?

It takes less than a minute to get a personalized AgeUp estimate.

AgeUp for a loved one

If you're concerned about a loved one outliving their savings, AgeUp can also be purchased to help a family member, including your parent, grandparent, aunt or uncle, or in-laws. Get an estimate now, or visit our FAQ page to learn more.

Frequently asked questions

AgeUp payouts are yours to use however you like, without restrictions or limitations. The same is true for premiums returned to your beneficiary if you select return of premium and don’t live to your target age.

You can get an estimate in less than a minute, and the application can be completed in about 10 minutes, without phone calls or medical exams.

You can increase, decrease, or stop your monthly premium payments at any time – just let us know 10 days before your premium is due. You can also pause premium payments for a time if you need, then start again when your finances improve.

Who is covered by AgeUp, the target payout age, and your choice for the return of premium option are set at the time of purchase and can’t be changed, so think carefully before making those decisions.

AgeUp always comes with a Cash Refund Guarantee. That means the day you reach your target age, you’re guaranteed to receive at least what you put in, no matter which return of premium option you choose.

For example, if you choose a target age of 91 and pay a total of $15,000 in premiums, the day you turn 91, you’re guaranteed to receive at least $15,000. If you were to die after receiving only $2,000 in payouts, your beneficiary or estate would receive a check for the remaining $13,000.

Don't see your answer?

We're here to help. Visit our FAQ page for more questions, or give us a call at (888) 452-4387. Our service team is available weekdays from 8:30 am to 4:30pm Eastern to answer your questions.

Backed by one of the best

AgeUp is issued by MassMutual, a company that’s been in operation for more than 160 years.

MassMutual
Stability

MassMutual has been in business since 1851

Strength

Rated A++ for financial strength by A.M. Best3

Scale

Total assets of $279B in 2019

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©2021 Haven Life Insurance Agency, LLC. All rights reserved.

Haven Life Insurance Agency does not make recommendations or provide tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel.

AgeUp is a Deferred Income Annuity (ICC19DTCDIA) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111 and offered exclusively through Haven Life Insurance Agency, LLC. Contract and rider form numbers and features may vary by state and may not be available in all states. Our Agency license number in Arkansas is 100139527.

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Footnotes:
  1. Chances of living to a given age for a 65-year-old nonsmoker in excellent health, American Academy of Actuaries and Society of Actuaries, Actuaries Longevity Illustrator, accessed 02/16/2021
  2. This illustration is based on a Massachusetts resident born on 2/15 of each year and assumes AgeUp's current purchase rates as of 2/16/21 will not change for future purchase payments. It is likely that they will change, and actual payouts will be higher or lower than shown.
  3. Massachusetts Mutual Life Insurance Company (MassMutual) and its subsidiaries C.M. Life Insurance Company and MML Bay State Life Insurance Company are rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of February 1, 2021 and is subject to change. MassMutual has received different ratings from other rating agencies.