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Annuity payout calculator.

Estimate how much a Single Premium Immediate Annuity (SPIA) would pay you each month for life, based on your age, premium amount, and payout option. Calculations use illustrative, representative 2026 carrier rates — not a live quote.

$698 per $100k at 65, male, life-only
$6,980 per $1M at 65, male, life-only
Sample Illustrative 2026 rates

Try the calculator See MYGA rates

Data as of October 13, 2026

Your inputs

Premium amount

Your age

Your sex

Male Female

Payout option

Estimated monthly payment $698 $8,376 per year

Premium amount $100,000

Payout per $100k $698/mo

Annual payout rate^‡ 8.38%

Expected lifetime payout $154,118

Illustration based on representative rates, not a quote — your payout depends on exact age, sex, state, premium, payout option and carrier. ^‡ The payout rate is annual income ÷ premium, not an interest rate: most of each payment is your own principal returning, so it cannot be compared with a CD or MYGA yield. Payments rest on the issuing insurer’s claims-paying ability and are not FDIC-insured.

How this estimate works

Expected lifetime payout uses average U.S. life expectancy for the age you select — or the guaranteed period, where a period-certain option runs longer than that. It is not discounted: it adds future dollars at face value, so at the 5.02% Treasury yield shown below a 65-year-old’s total is worth roughly a third less in today’s money. Only the period-certain portion is guaranteed; your actual total depends on how long you live. Joint-life options are shown over the primary annuitant’s own life expectancy, so a couple should expect payments to run longer than the total shown.

Get SPIA quotes from a licensed agent Free · no obligation · We will connect you with an independent licensed insurance agent in our network, who may contact you about annuity products. Track Retirement is not an insurance agency and does not issue quotes, and may receive compensation when you are connected with an agent.

How this compares to other retirement income options

Based on the same premium, here's an illustration of what each option could produce over an average lifetime at the representative rates used here. These are illustrations, not quotes or projections.

Product	Annual income	Expected lifetime total	Principal at end
Life only SPIA (this calculation)	$8,376	$154,118	$0 (annuitized)
5-year MYGA at 6.30%^† A-	$6,300	$115,920	$100,000
5-year CD at 4.40% APY (assumed top-of-market rate, not a quote)	$4,400	$80,960	$100,000
5-year Treasury ladder at 5.02%^†	$5,020	$92,368	$100,000

Illustration, not a quote or projection. Totals run over average life expectancy (or the guaranteed period, if longer). MYGA, CD and Treasury rows assume principal is preserved, interest is withdrawn each year, and today's rate is renewed at every maturity^† — a MYGA guarantees its rate for the contract term only. Benchmarks as of 2026-10. A MYGA is backed by the issuing insurer, not FDIC; a CD is FDIC-insured within limits; a Treasury is a US government obligation.

How an immediate-annuity payout is set

A SPIA payout is driven by three things: your premium, your age when income starts, and the payout option you choose. The older you are at the start, the larger each check — the expected payout period is shorter, so the insurer can pay more per dollar. The chart shows that age effect on a typical $100,000 premium.

The payout option is permanent — choose deliberately

Life only: highest payment, nothing to heirs if you die early.
Life with period certain: slightly lower, but guarantees 10–20 years of payments.
Joint life: continues to a surviving spouse (lower payment).
Cash/installment refund: heirs receive any unpaid premium.

Tip: SPIA pricing is commodity-like — get quotes from several A-rated carriers the same week and compare the guaranteed monthly figure, not the brochure. A licensed insurance agent can run those quotes for you — the form above is one way to reach one.

Warning: a fixed nominal payout loses purchasing power over a long retirement unless you add a cost-of-living option (which lowers the starting check). The SEC’s Investor.gov has a neutral introduction to annuities, and your state insurance department oversees immediate annuities like this one.

Keep going

Compare a fixed-growth alternative with the MYGA vs. CD calculator, size your overall need with the retirement income calculator, or read what is a SPIA.

Annuity payout FAQs

How much does a $100,000 annuity pay per month?

At the payout rates in our table, a $100,000 SPIA for a 65-year-old male, life-only, pays about $698/month for life. Female rates are about 4% lower at 65, and the gap widens with age. Joint life with 100% survivor reduces the payment by about 22%.

How much does a $500,000 annuity pay per month?

At the payout rates in our table, a $500,000 SPIA for a 65-year-old male, life-only, pays about $3,490/month for life. The math scales linearly with the premium amount.

How is the SPIA monthly payment calculated?

The carrier uses your age and sex (mortality tables), current interest rates, and the payout option you choose. Older buyers and males receive higher monthly payments because the expected payment period is shorter. Joint-life options reduce the monthly payment because the insurer expects to pay for two lives.

Are these payouts taxable?

For SPIAs bought with non-IRA money, each payment is partly a tax-free return of your principal (the "exclusion ratio") and partly taxable interest — but only until you have recovered your whole premium. Live past that point and every later payment is fully taxable as ordinary income. For SPIAs bought with money from a traditional IRA or 401(k), the entire payment is taxable as ordinary income; a Roth IRA is generally tax-free if the account is qualified. Tax treatment depends on your own circumstances — confirm it with a tax professional before you buy.

Can I get my money back or change my mind?

Generally no. A SPIA is irrevocable: once the contract is issued and the free-look period ends, you have exchanged the premium for the income stream and cannot cash it in, borrow against it, or change the payout option. Under a life-only option nothing goes to your heirs, however early you die. The free-look period varies by state, generally 10 to 30 days after delivery (often longer for replacements or older buyers); if you cancel within it, a fixed annuity such as a SPIA usually refunds your premium — that is the only easy exit. Because of this, buyers commonly annuitize only part of their savings and keep the rest liquid.

Why is the joint-life payment lower?

Because the insurer is on the hook for as long as either spouse is alive — typically 5-10 years longer than a single life. To break even actuarially, they reduce the monthly payment by about 22% for joint with 100% survivor benefit.

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No carrier, advertiser, or listed agent can pay for a ranking, and none reviews our content before publication. Figures are drawn from primary sources — A.M. Best, NAIC, the IRS, SSA, and Treasury — and checked against them. Our content is researched and drafted with the help of AI tools and verified against those sources; see our editorial policy.

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Sample Illustrative SPIA rates

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How this calculator works

Payouts shown are illustrative, representative top-of-market figures (A.M. Best A- and above carriers), not a live survey or quote. They assume a non-qualified single-premium contract. Your actual quote depends on premium size, state of residence, exact age, and carrier filing. Track Retirement is not an insurance agency and does not issue quotes — the form above passes your request to an independent licensed insurance agent, who may contact you. Confirm current rates with a licensed specialist. See our full methodology.