The Massachusetts Mutual Life Insurance Company, better known as MassMutual, is a well-established and reputable institution that offers a range of annuities designed to meet different retirement planning needs.
This review dives into the different annuity options available from MassMutual, including key features and who the annuity is best suited for.
Here’s everything you need to know.
What annuities does MassMutual offer?
MassMutual provides a comprehensive suite of annuity products, from fixed annuities to variable annuities. Each product is designed to cater to different retirement income needs.
Here is a detailed look at their specific annuity offerings.
Stable Voyage
Stable Voyage is a single premium deferred fixed annuity. It offers a fixed interest rate locked in for three, four or five years, with options for renewal.
Rates depend on the size of your initial investment as well as the rate period you select. For example, in March 2025, the guaranteed rate is 4.3 percent but the one-year renewal rate drops to 2.25 percent. For investments less than $100,000, the rate is 4.05 percent and offers the same one-year renewal rate of 2.25 percent.
Key features and who it’s best for
- Purchase limits
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Minimum purchase of $10,000 and a maximum of $1.5 million.
- Interest rate guarantee
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Fixed for the chosen term with renewal options.
- Free withdrawals
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Up to 10 percent annually without surrender charges.
- Surrender charges
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Surrender rate charges decline over time and may be waived for qualifying nursing home stays or terminal illness.
- Payout options
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Lifetime income or fixed-period certain options available starting as early as year six of the annuity contract.
- Who it’s best for
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People seeking a fixed rate of return and flexible income options in retirement.
Premier Voyage
Premier Voyage is a deferred fixed annuity that offers a way to grow your savings with a fixed interest rate for a chosen period of two to seven years.
The fixed interest rate varies based on your chosen guarantee period and initial investment amount. Generally, longer guarantee periods and larger investments qualify for higher rates. For example, as of March 2025, rates ranged from around 3.4 percent to 4.4 percent. However, renewal rates are typically lower.
Key features and who it’s best for
- Guaranteed growth
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Your money earns a fixed interest rate for the initial guarantee period you select.
- Potential lifetime income
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You can choose to annuitize your contract for an income stream that can last your entire life.
- Flexible options
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Available for different retirement accounts (traditional, Roth, SEP IRAs) and non-qualified funds. You can also make additional payments at renewal.
- Withdrawal options
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You can access 10 percent of your funds penalty-free each year after the contract’s been in force for at least 30 days. You must maintain a $5,000 balance after a withdrawal.
- Death benefit
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If you pass away before receiving annuity payments, your beneficiary will generally receive the contract’s current value as the death benefit. If you die after payments begin, the benefit amount depends on the annuity option you selected.
- Who it’s best for
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People looking for a low-risk investment to protect against market volatility and ensure a predictable income stream in retirement.
RetireEase
MassMutual RetireEase is a single premium immediate income annuity (SPIA). It offers protection from market fluctuations and flexible payout options based on your life expectancy or a set period.
Key features and who it’s best for
- Flexible payouts
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Income can be guaranteed for life, a specific period or both.
- Ownership options
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Can be owned individually, jointly (between two individuals) or by a trust.
- Purchase limits
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Minimum investment of $10,000 with a maximum of $1.5 million.
- Withdrawal provisions
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Withdrawals are only permitted for annuities with a period certain. No withdrawals during the first year. Minimum withdrawal of $5,000. A surrender charge and certain restrictions may apply.
- Rates
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Interest rates depend on factors like age, gender and the size of the initial investment. In March 2025, rates for single-life annuities range from 6.1 percent to 8.9 percent for men and 5.9 percent to 8.6 percent for women.
- Payment frequency
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Options include monthly, quarterly, semi-annual or annual payouts.
- Who it’s best for
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While this annuity offers some liquidity, other products may be better suited for those needing more flexible access to their money.
RetireEase Choice
RetireEase Choice is a fixed deferred income annuity. This pension-like annuity lets you purchase income gradually or with a lump sum, with payouts beginning at a future date of your choice.
Key features and who it’s best for
- Contract types
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Available as qualified (IRA, Roth IRA, SEP IRA) or nonqualified annuities.
- Ownership options
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Can be owned individually, jointly or by a trust.
- Purchase flexibility
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Start with a $10,000 minimum and add funds over time (minimum $500 per payment), up to $1.5 million.
- No market risk
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Payments are not affected by market fluctuations, and there are no fees, according to MassMutual’s website.
- Who it’s best for
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It’s ideal if you’re seeking long-term income and principal protection but requires careful consideration due to its lack of liquidity.
Envision with MassMutual RetirePay
Envision is a flexible premium deferred variable annuity designed to help contract holders accumulate retirement savings with potential investment appreciation. The RetirePay benefit offers income guarantees regardless of market conditions.
Key features and who it’s best for
- Investment choices
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Offers a range of underlying investment options including stock, bond and specialty funds.
- RetirePay rider
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RetirePay is an optional rider for an extra fee that guarantees a lifetime income stream regardless of market conditions. However, it has limitations on investments and excess withdrawals can impact the guarantee.
- Withdrawals
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Includes free withdrawal options (up to 10 percent per year), with riders for long-term care and terminal illness that waive charges under certain conditions.
- Death benefit
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Your beneficiary receives at least the greater of your contract value or total purchase payments made, adjusted for withdrawals.
- Fees
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Like most variable annuities, this product carries several annual fees, including: a 1.15 percent M&E risk charge, a 0.15 percent administrative fee, expense ratios for underlying investment funds and a $40 contract maintenance charge for contracts with less than $100,000.
- Who it’s best for
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While Envision offers more growth potential than MassMutual’s other offerings, variable annuities involve market risk, including the potential loss of your principal. It also comes with higher fees, so proceed with caution.
What is MassMutual?
MassMutual is a highly regarded insurance company founded in 1851. It offers a range of financial products, including life insurance, disability insurance, long-term care insurance and annuities.
Known for its financial strength, MassMutual has maintained a solid reputation for over 170 years. As a mutual company, its focus is on serving the interests of policyowners.
MassMutual has consistently received high ratings from independent rating agencies for its claims-paying ability and financial security, including a rating of A++ by AM Best. That’s important, because any annuity’s promise of guaranteed income is only as strong as the insurance company backing it.
MassMutual pros and cons
Here’s where MassMutual shines and some drawbacks to consider.
Pros
- Reputable and financially strong company: MassMutual is considered one of the best life insurance companies in the industry, with a long history and consistently high ratings from credit rating agencies.
- Diverse range of products: They offer a variety of annuity types (fixed, immediate, deferred and variable) to cater to different risk tolerances and retirement income needs.
- Withdrawal and account type flexibility in some products: Several annuities offer features like free annual withdrawals (up to 10 percent) and options for different account types (qualified and non-qualified).
- Death benefit protection: Most annuities from MassMutual offer at least a minimum death benefit.
Cons
- Surrender charges: Most deferred annuities have surrender charge periods, though admittedly this is standard fare for most annuities, regardless of the insurer. Regardless, surrender charges can make accessing your money ahead of schedule difficult and costly.
- Limited liquidity in some products: Immediate annuities and some fixed annuities have limited or no withdrawal options.
- Variable annuity fees: The Envision variable annuity exposes your investment to market risk, and it comes with higher fees compared to fixed annuities, which is also an industry standard.
Bottom line
MassMutual offers a solid selection of annuities backed by a financially sound and reputable company. Ultimately, the best MassMutual annuity for you depends on your risk tolerance, financial goals, time horizon and need for access to your cash. Carefully consider the features, fees and limitations of each product and consult with a financial advisor to determine the best option for your retirement plan.
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