finance
A $500,000 Immediate Annuity Pays $2,650 to $3,258 Monthly Depending on Age and Coverage
A single-premium immediate annuity converts a lump sum into lifetime monthly payments from an insurer. Current rates for a 65-year-old buyer range from roughly $2,950 to $3,258 per month for an individual or $2,650 to $2,900 for joint coverage.
May 29, 1:31 PM·1m read1 source
BenzingaAudio version
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A single-premium immediate annuity exchanges a lump-sum payment for a stream of monthly checks that continue for the buyer’s lifetime. For a 65-year-old, a $500,000 immediate annuity currently produces about $3,075 to $3,258 per month for a male and $2,950 to $3,151 per month for a female, according to annuity data cited by Benzinga.
Joint lifetime coverage for a couple typically yields $2,650 to $2,900 per month.
A 67-year-old buyer generally receives a larger monthly amount because insurers base payouts partly on remaining life expectancy. The older the purchaser, the higher the scheduled payment tends to be.
Once the premium is paid, the original principal is ordinarily unavailable unless additional riders are purchased. Standard fixed annuities deliver the same dollar amount each month, so inflation can reduce purchasing power over time. Liquidity is limited; early withdrawal of the $500,000 principal is generally not permitted.
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