What is AgeUp?

Americans live longer than ever before, which (while amazing) can be stressful when parents outlive their retirement funds.

MassMutual and its in-house startup, Haven Life Insurance Agency, created AgeUp to help worried younger generations ensure their parents don't run out of money during retirement.

AgeUp is a new annuity that guarantees monthly income when people reach their 90s. It costs as little as $25 per month and is available to anyone whose parent, grandparent, aunt, uncle, mother-in-law or father-in-law is between ages 50 and 75.

“We set out to create a solution to help everyday Americans address this growing need,” explains Blair Baldwin, general manager of the project, “and found we could achieve this goal by creating a new kind of deferred income annuity we call AgeUp.”

What makes AgeUp different?

There are a few other things that set AgeUp apart from other annuities:

  1. Annuities are typically sold by insurance agents, brokers or financial planners, but AgeUp is conveniently sold only online.
  2. AgeUp is the only annuity intended to benefit younger family members of seniors or retirees, rather than the seniors themselves.
  3. While other annuities aren't available for people over age 85, this one doesn’t kick in until at least 91. Payouts can begin any time the senior is between ages 91 and 100.

The monthly amounts your aging family member receives can be considerable, in the thousands of dollars. An early death benefit is available if either the elderly person or the younger family member dies before the payouts can begin.

What's best about AgeUp is that you can contribute in low monthly payments. Other annuities require large lump sum deposits upfront, but AgeUp one works more like a work-sponsored, pay-as-you-go retirement plan.

It's affordable for almost everyone.

Get peace of mind today, and support yourself — along with your aging family members — and receive your free AgeUp quote today.

About the Author

Rudro Chakrabarti

Rudro Chakrabarti

Managing Editor

Rudro is the Managing Editor of MoneyWise. His work has appeared on Yahoo Finance, MSN Money and The Financial Post. He previously served as Managing Editor of Oola, and as the Content Lead of Tickld before that. Rudro holds a Bachelor of Science in Psychology from the University of Toronto.

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