Direct answer
The monthly income depends on your current age, the payout option selected (such as life-only or period certain), and current interest rate environments at the time of purchase. A higher payout rate is typically offered to older applicants compared to younger ones due to shorter life expectancy calculations.
Standard actuarial payout tables and insurance company individual annuity product disclosures. For additional information about how annuities function and their potential role in retirement planning, see the Consumer Financial Protection Bureau‘s retirement resources.
What this means for you
The monthly income depends on your current age, the payout option selected (such as life-only or period certain), and current interest rate environments at the time of purchase. A higher payout rate is typically offered to older applicants compared to younger ones due to shorter life expectancy calculations.
ANNUITYFACTCHECK
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