MassMutual Introduces New Variable Annuity with Guaranteed Lifetime Withdrawal Benefit

MassMutual Envision with MassMutual RetirePay offers predictable income in retirement

SPRINGFIELD, Mass.–(BUSINESS WIRE)–Massachusetts Mutual Life Insurance Company (MassMutual) announced today the introduction of a new variable annuity with an optional guaranteed lifetime withdrawal benefit into its suite of retirement income offerings. MassMutual EnvisionSM Variable Annuity can help individuals accumulate assets for retirement, with a wide variety of investment choices, including asset allocation funds, bond funds, traditional equity funds, and specialty funds. MassMutual RetirePaySM is an optional guaranteed lifetime withdrawal benefit that is designed for individuals seeking predictable retirement income that can be counted on for life regardless of market conditions.

RetirePay, which is available for an additional cost, is only available with a MassMutual Envision Variable Annuity contract. RetirePay offers guaranteed income in the form of the Annual Lifetime Benefit Amount that will never lose value due to negative market performance and that offers opportunities for higher income through step-ups and higher withdrawal rates by age and years of deferral. 1,2

“Social Security is often the largest single source of predictable income to fund required needs in retirement, such as housing, transportation, food, taxes and utilities, to name a few examples,” said Paul LaPiana, CFP, head of product, MassMutual. “In many cases, Social Security is not enough to fund all required needs in retirement, and this is where an annuity like MassMutual Envision with the election of the RetirePay feature can play a critical role.”

MassMutual Envision with the optional RetirePay feature is ideal for individuals nearing or in retirement including when they are approaching key retirement and milestone ages of 62, 67 and 72. The election of RetirePay will help people secure guaranteed lifetime income, potentially increase those income amounts with positive investment performance, and protect that income from market declines.

“Retirement years can be filled with uncertainty and securing retirement income predictability with multiple guaranteed retirement income stream options can bring peace of mind and optimism,” added LaPiana. “Many people are living in retirement for decades now and MassMutual can be by their side with our enduring commitment to their financial security and well-being.”

For more information on MassMutual Envision and the optional RetirePay feature and other retirement income options from MassMutual, visit

About MassMutual

MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. Founded in 1851, the company has been continually guided by one consistent purpose: we help people secure their future and protect the ones they love. With a focus on delivering long-term value, MassMutual offers a wide range of protection, accumulation, wealth management and retirement products and services. For more information, visit

1 Withdrawals in excess of the Annual Lifetime Benefit Amount will reduce or may eliminate the value of the guarantees provided by RetirePay.

2 Postponing withdrawals may positively impact the Annual Lifetime Benefit Amount (e.g., because of higher Withdrawal Rates as one ages). However, postponing withdrawals may limit the value of this feature because life expectancy shortens as one ages.

This product and/or certain features may not be available in all states. MassMutual Envision (Contract Form FPVDA21 and ICC21-FPVDA in certain states, including North Carolina) is a flexible premium deferred variable annuity contract issued by Massachusetts Mutual Life Insurance Company, Springfield, MA 01111-0001.

Guarantees are based on the claims-paying ability of the issuing insurer.

Variable annuities offered through registered representatives of MML Investors Services, LLC, Springfield, MA 01111-0001 or a broker-dealer that has a selling agreement with MML Strategic Distributors, LLC, Springfield, MA 01111-0001.

Principal Underwriters: MML Investors Services, LLC, and MML Strategic Distributors, LLC, subsidiaries of Massachusetts Mutual Life Insurance Company, Springfield, MA 01111-0001.



Media Contact:

Paula Tremblay