What is MassMutual College Savings?
MassMutual offers a range of college savings options to help families plan and prepare for the cost of higher education. One popular option is the 529 college savings plan , which allows you to save for college expenses in a tax-advantaged way. Contributions to a 529 plan are made with after-tax dollars, but earnings grow tax-free and withdrawals are tax-free as well, as long as they are used for qualified education expenses.
MassMutual's 529 plans offer a range of investment options to suit different needs and risk tolerances. They also allow you to change the beneficiary of the plan if your child decides not to attend college, or if you want to use the funds to pay for a different family member's education expenses.
In addition to 529 plans, MassMutual also offers other college savings options, such as UTMA/UGMA custodial accounts and Coverdell Education Savings Accounts. These accounts offer different tax advantages and flexibility, depending on your needs and goals.
MassMutual also provides resources to help families plan and save for college expenses. These resources include online calculators to estimate college costs, guides to different college savings options, and personalized advice from financial professionals.
Overall, MassMutual offers a range of flexible and tax-advantaged college savings options, as well as resources to help families plan and prepare for the cost of higher education.
Frequently Asked Questions about massmutual college savings
MassMutual provides financial products such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities.
529 plans
However, 529 plans are typically considered the best option due to their tax advantages and the flexibility in how funds can be used.
MassMutual Ascend, a wholly owned subsidiary of MassMutual, is a highly respected leader in the annuity market. Haven Life Insurance Agency, LLC is a wholly owned subsidiary of MassMutual that offers a simple online experience for buying high-quality and affordable life insurance coverage.
Over a period of many years, we have acquired and built a diverse mix of high-performing businesses and investments. These include our institutional and worksite operations, non-participating insurance and annuity operations and ownership interests in global asset management companies.
It's for this reason that Bankrate's insurance editorial team reviewed a variety of third-party scores to evaluate MassMutual's customer satisfaction. In the J.D. Power 2022 U.S. Individual Life Insurance Study, MassMutual scored above the industry average with a customer satisfaction score of 780 out of 1,000.
MassMutual Funds is a long-standing family of mutual funds that employs multiple managers, covers all of the major investment categories, and is offered on multiple, major platforms.
Types of savings accounts
- Regular savings account: earns interest and offers quick access to funds.
- Money market account: earns interest and may provide check-writing privileges and ATM access.
- Certificate of deposit, or CD: usually has the highest interest rate among savings accounts, but no access to funds.
A student savings account has all the capabilities of a regular savings account. The main feature of a student savings account is that it offers little or no monthly maintenance or overdraft fees to college students below a specific age, typically 24 years.
After 16 profitable years, MassMutual uses its cash surplus to pay back the original investors and officially become a mutual - an insurance company wholly owned by, and dedicated to, its policyowners.
MassMutual: A Life Insurance & Financial Services Company.
As a mutual company, MassMutual does not have shareholders, so we are able to do business with the long-term interests of our policyowners and customers in mind.
A mutual fund is a company that pools money from many investors and invests the money in securities such as stocks, bonds, and short-term debt. The combined holdings of the mutual fund are known as its portfolio. Investors buy shares in mutual funds.
The biggest difference between mutual funds and stocks is that stocks are an investment in a single company, whereas mutual funds have many investments - meaning potentially hundreds of stocks - in a single fund.
