Income annuities are designed to provide guaranteed income, rather than to help you accumulate retirement savings. Immediate income annuities guarantee income that begins within 13 months of contract issue in exchange for a single purchase payment. Deferred income annuities guarantee future income and generally allow you to make multiple purchase payments over time (with some restrictions). Since they provide limited or no liquidity, income annuities generally are not the best choice if having access to the money in your annuity contract is important to you.
Guaranteed IncomeIncome annuities can provide guaranteed income for life. Some income annuities start paying income right away; others provide guaranteed future income.
Death BenefitDeferred income annuities typically provide a death benefit before annuity payments begin. Whether an income annuity provides a death benefit after annuity payments begin depends upon the annuity option you choose.
Income OptionsThere are many factors to consider, including when you need income to begin, whether you need income for a single person or two (a spouse), and whether beneficiary protection is important to you.
Does an annuity fit
your retirement goals?
reliable income now, in retirement, or in the future. Talk
to a MassMutual financial professional for more information.