What’s Covered In This ReviewIn this review, we will be discussing the following details on the Mass Mutual Odyssey Select 7 Year MYGA annuity:
- Product type
- Current rates
- Realistic long-term return expectations
- How this annuity is best used
- How it is most poorly used
Annuities can be complex. That’s where having an Annuity Investigator who loves math comes in. We make the complex, simple.
If you have been considering the purchase of an annuity so that you can experience tax-advantaged savings, as well as an ongoing income in retirement – regardless of how long you may need it – then the Odyssey Select 7 Year MYGA annuity from Mass Mutual could be a viable option for you. But, prior to running out and committing to this annuity – or for that matter, any annuity – you really should have a more in-depth knowledge of how the product works, and how it may or may not fit into your overall financial situation. For the past several years, we have seen a vast increase in the demand for annuities. Part of this is due to the volatile stock market, which could render your hard-earned savings lost if a “correction” occurs. In addition, because annuities can provide a lifetime income in the future, they can alleviate the worry about running out of income when you need it. However, due to the increased popularity of annuities lately, many insurance companies have been coming up with new products, which will oftentimes include a long list of features and benefits – as well as confusion, both for consumers and financial advisors who offer them. So, unless the financial or insurance advisor you work with has a key focus on offering annuities, you should really read over the “fine print” before making a long-term commitment.
Annuity and Retirement Income Planning Information You Can TrustIf this is your first visit to our website, then please allow us to personally welcome you here to AnnuityGator.com. We make up a team of annuity pros who focus on offering very comprehensive – and unbiased – annuity reviews. We have been at this for quite a few years now – longer than our competitors. And, because of the in-depth reviews that we provide, we have become a highly trusted source of annuity information. Over the past several years, however, there has also been a number of “copycat” websites that have popped up on the Internet. While some of these can give you information about annuities, what you are likely to find is that they are oftentimes just simply reiterating what our information already clearly shows. As you’ve been reviewing annuities online, you also may have come across many conflicting details about these products. This, however, is not really all that surprising, as there are a myriad of annuity products, along with just as many – if not more – opinions about them. In doing so, it is probable that you have encountered some of the annuity marketing sites that, for the most part, will try their best to lure you in by making some pretty bold claims, such as:
- High Annuity Income Payouts
- Guaranteed Income for Life
- Top-Rated Annuity Carriers
- Low Fees
Massachusetts Mutual Odyssey Select 7 MYGA Annuity at a Glance
|Odyssey Select 7-Year
|Type of Product
|MYGA (Multi-Year Guarantee) / Fixed Annuity
|AA+ (Very Strong), as of October 11, 2017
Opening Thoughts on the Massachusetts Mutual Odyssey Select 7 Year MYGA AnnuityMassachusetts Life (or Mass Mutual) has been in the business of helping customers to build and protect wealth since 1851. The company offers a long list of financial and insurance products, including life insurance and retirement annuities, which are distributed via more than 9,500 advisors. As of year-end 2016, Mass Mutual had approximately $560 billion of life insurance in force. The insurer delivered $5 billion in benefits to its customers just in 2016. The company has earned very high ratings from the insurer rating agencies, including a(n):
- A++ (Superior) from A.M. Best Company (#1 out of a total of 15 rating categories)
- AA+ (Very Strong) from Fitch (#2 out of a total of 21 categories)
- Aa2 (Excellent) from Moody’s Investor Services (#3 out of a total of 21 categories)
- AA+ (Very Strong) from Standard & Poor’s (#2 out of a total of 21 rating categories)
Before we get into the gritty details, here are some necessary legal disclosures…This is an independent annuity product review. It is not a recommendation to purchase or to sell an annuity. Mass Mutual has not endorsed this review in any way, nor do we receive any type of compensation for providing this review. This annuity review is meant solely to be an independent review at the request of our readers so that they may see our perspective when breaking down the positives and the negatives of this particular annuity. Prior to committing to the purchase of any type of insurance and/or investment vehicle, it is critical that you do your own due diligence, and that you also talk with a properly licensed professional if you have any questions that relate to your specific situation. All of the names, materials, and marks that have been used in compiling this annuity review are the property of their respective owners. For additional information on how to compare fixed annuities so that you can decide which may be the best one for you, click here in order to obtain our free annuity report.
How Massachusetts Mutual Describes the Odyssey Select 7-Year MYGA AnnuityMass Mutual describes the Odyssey Select annuity as a financial vehicle that is specifically designed for conservative investors. This is because fixed annuities offer unique features that can provide growth, income, and peace of mind. The Odyssey annuity offers the following key benefits:
- Guaranteed fixed interest rates
- Steady growth
- Death benefit protection
- The ability to generate income for life
How an Insurance or Financial Advisor Might “Pitch” this AnnuityBecause so many people who are preparing for retirement are concerned about growing their savings, while at the same time keeping their principal safe, it is possible that an insurance or financial advisor would present this annuity as a vehicle for accomplishing both of those goals. Plus, there is also the option to choose income for life with this product, either for just one individual or for two individuals. However, while it may be nice to know that your interest rate will be guaranteed (at least for a certain period of time) and that your principal won’t decrease, there are definitely some “tradeoffs” that you need to consider. For example, given that we have been living in a painfully low-interest rate environment over the past decade or so, fixed-rate products such as this one won’t likely allow you to meet – much less beat – future inflation. This means that you may be required to cut back on purchasing the things that you need in retirement. But is that really why you worked so hard to save all your life? Probably not. And then there are the fees….
What About the Fees on the Odyssey Select 7 Annuity from Mass Mutual?With just about any financial product that you consider, you’re likely to run into at least some type of charges or fees. Annuities are no exception. In this case, they primarily come into play if you should decide to withdraw your money from the annuity. For example, even though you are allowed to withdraw up to 10% of the contract’s value each year penalty-free during the “surrender period,” if you take out more than that, you’ll be hit with a charge. In the case of the Odyssey Select 7 annuity option from Mass Mutual, these surrender fees will last for a full 7 years.
Odyssey Select 7 Surrender Charge Schedule
The Annuity Gator’s End Take on the Mass Mutual Odyssey Select 7-Year MYGA AnnuityWhere this annuity works the best:
- If you want principal protection
- If you are seeking an interest rate guarantee
- If you plan to use the guaranteed income feature
- If you want the opportunity for a higher rate of return
- If you need access to your money penalty-free within the first seven years
- If you do not plan to use the income feature