AgeUp, a Financial Product for Future Centenarians
Will you be one of the half of a million 100-year-olds in the year 2060? Boomers may spend as many years in retirement as they did employed, and the issue at hand is that many may not save enough to support themselves during the 30 to 40 years of retirement.
Mass Mutual introduced a unique annuity called AgeUp at the end of 2019 that is the first of its kind. In a nutshell, you pay a small monthly fee of $25 or $50 beginning as early as 50 years of age, and at 90, you get a monthly check for life when you turn 91. Some describe it as purchasing a personal pension.
For example, if you’re 65 and pay $50 a month until you’re 90, you’ll receive $639 every month for the rest of your life ($1632 per month if you wait until you’re 95.)
The advantage of AgeUp is that you don’t have to invest a large sum of money upfront, and there is no financial risk that the stock market or mutual funds present. The disadvantage that you can’t cash out at any time, although there is an optional payout for a beneficiary upon your death.
For an expert to guide you through the process or simply to ask questions about it, contact Harrison Lance at [email protected]