Pro Tip: To learn more about annuities, be sure to check out our guide to annuities as well as our rundown of this year’s best annuities for seniors.
AgeUp Review: An Alternative Approach to Annuities
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October 7, 2022
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AgeUp is a deferred income annuity product offered by Haven Life that provides a steady stream of income for those who reach their 90s. Backed by MassMutual, one of the most highly rated firms in terms of financial strength, AgeUp annuity holders can rest assured that the premiums they pay will lead to a satisfactory payout.
And if the annuity holder does not live to be 91 (when payouts begin), AgeUp offers a return of a premium benefit, ensuring that a beneficiary can get back the money spent on premiums.
Pro Tip: To learn more about annuities, be sure to check out our guide to annuities as well as our rundown of this year’s best annuities for seniors.
FYI: Annuities are not the only ways for seniors to invest. To learn more, read our guide to safe investments for seniors.
Unlike other annuity products, which require lengthy application processes, AgeUp is comparably simple. On their website, you can begin the quick estimate process.
First, you provide your ZIP code, gender, and birthdate. From there, you can choose a desired payout age, anywhere between 91 and 99. This is when your annuity will start providing you with monthly payments. The longer you wait, the higher the payouts will be.
Then you choose whether or not you want to add the return of premium option. If you choose to add this option, then –– in the event that you don’t live to be 91 and begin collecting payments –– a beneficiary will get back all of the money you’ve paid in premiums. The downside of this option is that it results in lower payouts should you reach age 91.
If you decline the return of premium option, you’ll receive greater eventual payouts; however, if you don’t live to age 91, a beneficiary will not receive your premiums.
You also have the option to put more money down at the beginning of your annuity. While AgeUp only requires a $25 initial payment, you can put down a one-time payment of up to $2,500 that will ultimately boost your eventual payout.
You can purchase AgeUp for yourself if you are between the ages of 50 and 75, a U.S. citizen or permanent resident, and live in a state where AgeUp is offered. Currently, the only states AgeUp is not available in are California, Florida, and New York.
To purchase an AgeUp annuity for yourself, you must be between the ages of 50 and 75, as well as be a U.S. citizen or permanent resident. AgeUp annuities are offered in every state except for California, Florida, and New York.
If you wish to purchase an AgeUp annuity for your loved one, you must be between the ages of 21 and 75. Both you and your loved one (the annuant) must live in a state where AgeUp is offered and be either U.S. citizens or permanent residents.
| Target Age | Payouts with return of premium (monthly) | Payouts without return of premium (monthly) |
|---|---|---|
| 91 | $699 | $1,166 |
| 93 | $1,031 | $1,882 |
| 95 | $1,618 | $3,237 |
| 97 | $2,752 | $6,002 |
AgeUp monthly premiums range from $25 to $250. Within that range, the amount you wish to invest is up to you. Premium payments begin at purchase and continue until 13 months before your target age. As an illustration, if you wish to start receiving AgeUp benefits at age 93, you will need to pay premiums up to a month before that date.
Unlike most other annuities, AgeUp does charge any fees.
You will not be subject to any taxes related to your AgeUp annuity until you begin receiving income payments. Because AgeUp is acquired using after-tax dollars, only a part of each payout will be taxed.
Studies continually show that most Americans don’t have enough saved up for retirement, and among those with savings, few have enough to last into their 90s. However, with increasing life spans, it’s becoming clear that seniors should plan to live longer.
An AgeUp annuity guarantees you’re financially covered If you live to be 90 or older. Even if you die before reaching your selected payout age between 91 and 100, AgeUp has options that ensure your money is passed to a beneficiary of your choice, ensuring you get all your investment back one way or another. This makes an AgeUp annuity a win-win situation all around.
To learn more about financial planning, be sure to look at our helpful guides:
AgeUp is a longevity annuity, which allows you to save money today that will provide you with a pension-like income beginning at the age of your choice between ages 91-100.
AgeUp annuities pay out for the remainder of your life, beginning at your target age.
Although the AgeUp brand is newer to the market, its annuities are backed by MassMutual, which has proven its trustworthiness since opening its doors in 1851 and is rated A++ for financial strength by AM Best.
Yes. However, you must do so at least 10 days before your next premium is due.
AgeUp does not require you to complete a medical exam or provide any health information as part of its application processes.
