The amount you can expect to receive annually from a $1,000,000 annuity depends on several factors, including your age, the type of annuity, the rate of return, and the payout option you choose12.
- Current Annuity Rates: As of July 2024, a $1,000,000 annuity could provide you with approximately $11,000 per month, or $132,000 per year1.
- Impact of Age: Your age at the time of purchase significantly affects the amount you will receive. If you are 65 years old and purchase a lifetime annuity, you can expect to receive a higher amount than if you were to purchase it at age 501.
- Annuity Type: The type of annuity you choose, such as fixed, variable, or indexed, will also influence the payout. Fixed annuities offer a guaranteed rate of return and payout, while variable annuities offer the potential for higher returns but come with more risk4.
- Payout Options: The frequency and duration of your annuity payments can impact the amount you receive. For example, if you choose to receive monthly payments for your lifetime, you can expect a higher amount than if you opt for quarterly payments over a 10-year period2.
It's important to note that the exact amount you receive will depend on the specific details of your annuity contract. To get a more accurate estimate, you can use online calculators or consult with a financial advisor to determine the best annuity option for your financial goals and risk tolerance.
9/8/2024 01:28am
