A $2,000,000 single-premium immediate annuity pays about $12,157–$13,097 per month for life if income starts at age 65. The exact figure depends on your age, sex and payout option — the full tables are below, along with the actuarial math behind them.
Single life only, no death benefit. Starting later always pays more, because the insurer expects to make payments over a shorter window.
| Age income starts | Male — monthly | Female — monthly | Male — annual | Payout rate |
|---|---|---|---|---|
| 55 | $10,969 | $10,347 | $131,633 | 6.58% |
| 60 | $11,882 | $11,114 | $142,584 | 7.13% |
| 62 | $12,323 | $11,490 | $147,876 | 7.39% |
| 65 | $13,097 | $12,157 | $157,162 | 7.86% |
| 67 | $13,709 | $12,690 | $164,508 | 8.23% |
| 70 | $14,815 | $13,652 | $177,784 | 8.89% |
| 75 | $17,353 | $15,818 | $208,232 | 10.41% |
| 80 | $21,118 | $19,039 | $253,414 | 12.67% |
Mortality: SSA period life table, 2019 (2021 Trustees Report), adjusted for annuitant self-selection. Pricing rate 4.75%.
Every guarantee you add — a certain period, a surviving spouse — lowers the monthly cheque. That is the trade-off: income now versus protection for your heirs.
| Payout option | Monthly | vs. life only | What your heirs get |
|---|---|---|---|
| Single life only | $13,097 | — | Nothing — payments stop at death |
| Life with 10-year certain | $12,633 | -3.5% | Remaining payments through year 10 |
| Life with 20-year certain | $11,510 | -12.1% | Remaining payments through year 20 |
| Joint & 100% survivor | $10,645 | -18.7% | Spouse keeps the full payment for life |
Joint figures assume a 65-year-old male annuitant and a 63-year-old female spouse, 100% survivor benefit.
Change the premium, your age, the payout option and the pricing rate — the calculator uses the same actuarial engine as the tables on this page. Free, no sign-up, and everything runs in your browser.
Most sites publishing annuity payout figures show a quote table and hide the derivation. Here is ours. The monthly income is the premium divided by an annuity-due factor — the present value of $1 paid at the start of every month for as long as the contract pays.
Survival probabilities come from the SSA Office of the Chief Actuary period life table (SSA period life table, 2019 (2021 Trustees Report)), converted from annual to monthly death probabilities and discounted at the pricing rate.
One adjustment matters a great deal and is rarely disclosed: people who buy annuities live longer than the general population, because healthy people are the ones who choose to buy longevity insurance. Insurers therefore price off annuitant mortality tables, not population tables. We approximate this by scaling the SSA death probabilities down, calibrated so the age-65 output matches published 2026 market quotes. Using the raw SSA table without this adjustment would overstate payouts.
At age 65, this puts estimated remaining life expectancy at 21.2 years for men and 23.8 years for women — longer than the raw SSA population figures, as expected.
A $2,000,000 single-life immediate annuity pays roughly $12,157 to $13,097 per month if income starts at age 65 — the lower figure for women, the higher for men, because women live longer on average. Starting at 70 instead raises it to about $13,652-$14,815 per month.
No. The payout rate of 7.86% is not an investment return. Each monthly payment is part interest and part return of your own principal. You do not get the $2,000,000 back at the end — with a single-life contract, whatever is left when you die stays with the insurer.
At the age-65 single-life rate, total payments equal the $2,000,000 premium after about 12.7 years — around age 78. Estimated remaining life expectancy at 65 is 21.2 years for men and 23.8 for women under annuitant mortality, so a typical buyer outlives the break-even point.
A joint and 100% survivor contract has to support two lifetimes from the same $2,000,000, so the monthly cheque falls — to about $10,645 for a 65-year-old man with a 63-year-old spouse, versus $13,097 for single life only.
