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Income Annuities

Income annuities are designed to provide guaranteed income for the rest of your life.

Choose between a single premium income annuity (SPIA), which can provide immediate income in exchange for a single purchase payment, or a deferred income annuity, which guarantees future income and generally allows you to make multiple purchase payments over time (with some restrictions).

What is an income annuity?

An income annuity provides an income stream immediately or at a specified future date.

Income annuity features and benefits

Guaranteed income
Income annuities can provide guaranteed income for life or for a specific amount of time that you choose. Immediate income annuities start paying income right away; deferred income annuities provide guaranteed income in the future.
Death benefit
Deferred income annuities typically provide a death benefit before income payments begin. Whether an income annuity provides a death benefit after income payments begin depends on the income option you choose.
Income options
An income annuity can help fund necessary expenses in retirement, like food, medical, and housing.


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What distinguishes a deferred annuity from an immediate annuity?

A deferred income annuity allows you to make a single payment or payments over time to provide a guaranteed future stream of income that is locked in when you make each payment. An immediate annuity, also called an immediate income annuity or single premium immediate annuity, offers you income typically starting within 13 months of a single lump-sum purchase payment.

What is the process for buying an income annuity?

illustration of two figures in virtual meeting

A financial professional will be with you every step of the way to help you prepare for the future.

    • Assess

    • During your initial phone call, your financial professional will ask you questions to understand your financial goals and objectives.

    • Recommend

    • After looking at your entire financial picture, your financial professional will provide you with options so you can choose the products and financial planning strategies that are best suited for your situation.

    • Purchase

    • If you're satisfied with the recommendations, your financial professional will secure the products and services to help ensure your financial future.

    • Review

    • Your financial professional can work with you over time through periodic reviews to help you monitor the strategies in place, and their capacity to continuously meet your goals.

Contact a financial professional

Learn more about income annuities

5 reasons why you may need an annuity
When is the right time to buy an annuity?
Useful annuity terms to know
Does an annuity fit your retirement goals?

Why MassMutual

since

1851

we've been helping people secure their financial future and protect the ones they love

more than

$1.0T

of life insurance protection in force as of 12/31/23

named for the

6th

year in a row as a Best Place to Work for Disability Inclusion according to the Disability Equality Index®

delivered

$9.1B

insurance and annuity benefits paid to policyowners and other customers in 2023

What's behind MassMutual's financial strength