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About MassMutual Annuities
Founded in 1851, MassMutual sells many types of annuities in addition to other types of retirement investments and life insurance. Annuities range from fixed to variable, and MassMutual also offers fixed index annuities and income annuities. Many of its annuities allow your savings to grow tax-deferred and offer peace of mind to those who don’t want to outlive their retirement funds.
Pros & Cons
- Wide range of annuity options
- Free initial consultation
- Guidance from a financial professional
- Lack of online application for annuities
- Pricing is unavailable online
Our editor’s take
Massachusetts Mutual Life Insurance Company and Subsidiaries, or MassMutual, sells annuities in addition to life insurance coverage and other investment products. Customers work with one of its thousands of financial professionals online and across the country.
Annuities are typically viewed as an additional source of income for retired people, not the primary source of retirement income. MassMutual’s wide range of annuity products means you can choose one that fits your lifestyle and risk tolerance. Annuities may earn a fixed or variable rate of interest. Income annuities require setting aside a sum of your accumulated funds and receiving regular payments from the annuity over time.
How does MassMutual work?
MassMutual sells a full suite of annuities and helps customers set up other retirement accounts like IRAs, mutual funds and ETFs. Annuities are accounts in which you pay premiums in exchange for income payments that you typically receive in the future to supplement other retirement funds.
When you’re shopping for an annuity, you’ll work with a MassMutual financial professional to determine what type of annuity, if any, would complement your current financial plan for retirement. Then, you pay either a single premium (for an immediate income annuity) or start paying monthly premiums for a period of time until your income payments begin.
MassMutual retirement and investment products
For those looking to supplement their retirement income, MassMutual offers annuities including deferred fixed annuities, variable annuities, fixed index and income annuities. You can also select from investment brokerage products including exchange-traded funds, mutual funds and 529 plans.
- Annuities: MassMutual sells a wide range of annuities that can provide supplemental lifetime income in retirement.
- Fixed deferred annuities: These annuities offer tax-deferred growth and fixed interest rates to provide guaranteed retirement income and death benefits.
- Variable annuities: MassMutual provides variable annuities, which provide tax-deferred growth and also function as an insurance policy. Your policy may increase or decrease in value.
- Fixed index annuities: A fixed index annuity offers lifetime income with returns based on its connected market index, such as the S&P 500 Index.
- Immediate income annuities: Income annuities provide guaranteed income, and immediate income annuities begin issuing payments within 13 months of the contract start. They are also called single premium immediate annuities.
- Deferred income annuities: Policyowners begin receiving payments no sooner than 13 months after policy issue, and the beneficiary usually receives a return of purchase if you die before payments begin.
MassMutual costs
The cost to buy an annuity with MassMutual depends on several factors. You pay premiums, typically over a term of a specific number of years. You’ll need to ask your financial professional for specific details on how premiums will impact your payout in the future. With annuities, be sure to also factor in the cost of taxes and to inquire about other fees. While many annuities grow tax-deferred, you’ll pay taxes on distributions from your annuity.
MassMutual FAQ
What kinds of annuities can you get with MassMutual?
MassMutual sells virtually every type of annuity. You can buy fixed annuities, variable annuities, or income annuities, each with its own pros and cons.
Are taxes deferred with a MassMutual annuity?
For most annuities, you defer taxes on accumulated funds until you begin taking income withdrawals. With income annuities, however, the focus is on income needs either now or in the future, rather than on tax benefits.
Do all MassMutual annuities pay a death benefit?
Most MassMutual annuities include a death benefit. However, immediate income and deferred income annuities don’t always pay death benefits, and it’s possible that a variable annuity won’t have a death benefit because the value can decline. Clarify with your financial professional before enrollment.
Does MassMutual offer registered index-linked annuities?
Registered index-linked annuities, which are tailored to retail investors, are available through MassMutual Ascend, a wholly-owned subsidiary of MassMutual. These aim to increase earning potential while limiting risk to your investments.
Is MassMutual worth it?
If you already have a retirement account like a 401(k) but seek added security, you can purchase an annuity through MassMutual. The broad range of annuity products means you can find the right type of annuity to provide income during retirement.
You’ll need to work with a financial professional to purchase an annuity with MassMutual. Although it’s not as convenient as buying online, for such a big financial decision, it’s likely better for you in the end. MassMutual has over 7,500 financial experts available to guide you.
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MassMutual Annuities Company Information
- Company Name:
- MassMutual Annuities
- Year Founded:
- 1851
- City:
- Springfield
- State/Province:
- MA
- Country:
- United States
- Website:
- www.massmutual.com