Sponsored Post by AgeUp
Are you passionate about your health and wellness? Do you scour the magazines and blogs for the latest tips for maintaining vibrancy? You’re not alone. The Global Wellness Institute reports that the global wellness economy grew from $3.7 trillion in 2015 to $4.5 trillion in 2018. That’s nearly twice as fast as global economic growth.
We’ve been searching for the veritable fountain of youth since time began. As a result, our life expectancy has increased by 100% over the last ten or so generations—bringing the current maximum lifespan up to 122 years. And living into our 90s or beyond 100 sounds pretty appealing, especially if we are maintaining our physical, mental, and financial health. However, a 2019 report from the World Economic Forum determined the average savings at the time of retirement and found that American women, on average, have a life expectancy of 10.9 years beyond the number of years in retirement they’ve saved for.
You will need financial support for those extra years. And any extra care or alternate living situations can get pricey. Many of you may already be experiencing this situation with your own parents. It’s certainly a blessing to have more years with them, but it can also be filled with so many unexpected challenges.
Planning for your own retirement involves 401(k) investments, stocks, real estate, and more. But will it be enough? The current pandemic is showing us that we can’t plan for everything. As many of us are taking charge of our long-term care plan and considering a longer life expectancy, living too long can be a risk. Studies are projecting that one out of every three 65-year-olds today will live past age 90, and by the year 2050, over 10% of the population is expected to live past the age of 95 – so we need to make sure our funds last as long as we do.
I recently came across AgeUp, a uniquely-designed longevity annuity built especially for those of us that live into our nineties and beyond. Depending on your personal experience with annuities, you may have strong opinions. But you’ll want to lean in — it’s worth the 3-minute read.
AgeUp is backed by MassMutual, a solid 170-year-old company serving 5 million clients. For as little as $25-250 a month, you can plan for those extended years by contributing to an annuity that guarantees income starting at age 91.
With AgeUp, you determine how much you’d like to invest each month; once you reach your chosen payout age, you’ll receive monthly payments for the rest of your lifetime. To test out different options, simply enter a set amount and target age into the AgeUp calculator to see your future monthly payouts. For example, I entered $50 per month and selected a payout age of 94, with no return of premiums, to show a payout of $2,066 per month. As a single, solopreneur with no children, this is money that I will be glad to see in my later years.
Choosing a different monthly contribution amount, payout age, or death benefit will affect the payout amount that is shown. Also, the calculator shows your future income payouts based on current purchase rates continuing in the future. However, these rates and other assumptions may change, so your actual income payouts may differ from those shown.
Your investment with AgeUp is also secure in that you can choose to have your premiums returned to a named beneficiary in the event you pass before your target payout age. Or, you can forgo the return of premiums but receive larger monthly payments. Whichever way you choose, AgeUp can be customized to your needs and financial comfort level. You don’t even have to do a health pre-screen or have any money down. It’s not a big consideration for $50 or $75 per month. It’s actually an easy decision for me.
So if you’re blessed with healthy parents and your family genes show longevity, I recommend easing a potential financial burden with AgeUp. Regardless of your unique circumstances, you can get an estimate and customize a plan to suit you and your future. Cheers to a long and healthy life filled with joy and vibrancy!
Sponsorship Disclosure:
AgeUp is issued and backed by MassMutual, and sold by Haven Life Insurance Agency, a MassMutual-owned innovation hub. MassMutual has been in business since 1851 and is rated A++ for financial strength by A.M. Best. For additional information, visit our website or check out our frequently asked questions.
AgeUp is a Deferred Income Annuity (ICC19DTCDIA) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111. AgeUp is 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.
* 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 July 24, 2020 and is subject to change. MassMutual has received different ratings from other rating agencies.
