Annuity Payout Rates in 2024
Annuity income depends on your age, the type of annuity, current interest rates, and whether you choose lifetime or period-certain payments. Rates in 2024 are significantly better than they were in 2020–2021 due to higher interest rates.
SPIA Monthly Income Estimates (2024)
Approximate monthly income from a $100,000 Single Premium Immediate Annuity:
| Age | Male | Female | Joint (both 65) |
|---|---|---|---|
| 60 | $540/mo | $510/mo | — |
| 65 | $620/mo | $580/mo | $510/mo |
| 70 | $730/mo | $670/mo | $580/mo |
| 75 | $890/mo | $790/mo | $680/mo |
Estimates only. Actual rates vary by insurer and state. Get a quote for precise figures.
What Affects Your Payout?
- Age: Older = higher payments (shorter expected payout period)
- Gender: Males get slightly higher payments (shorter statistical life expectancy)
- Interest rates: Higher rates = higher payouts
- Payout option: Life only > Life with period certain > Joint life
- Insurer: Rates vary 5–15% between carriers — shopping matters
FIA Income Rider Payouts
With a Fixed Indexed Annuity + income rider, a common structure is:
- Income base grows at 6–8% per year (guaranteed, whether market goes up or not)
- After 10 years, you activate income at a payout rate (often 4.5–6% of income base)
- Example: $200,000 growing at 7% for 10 years = $393,000 income base → 5% payout = $19,650/year ($1,637/month) for life
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