How To Retire on $800K

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

How Long Will $800,000 Last In Retirement?

How long $800,000 lasts in retirement depends on yearly expenses, investment gains, and inflation. Drawing $32,000 a year might make it last 25 years. Individual situations can change this. An annuity with a lifetime income rider can offer a steady income, even after using up the initial amount.

800 000 Retirement Savings

How to Retire on $800K comfortably

The average monthly Social Security Income check in 2023 is $1,701 per person. In the tables below, we’ll use an annuity with a lifetime income rider coupled with SSI to better understand the income you could receive from $800,000 in savings. The data will be based on the following:

  • Social Security Benefits will be based on couples at $3,402 total.
  • Deferred annuity with an income rider providing a monthly income for life.
  • The starting point will be age 62 since this is the earliest age to collect SSI.
How To Retire On 800K

How to Retire on $800,000, Starting Immediately

The table below illustrates how much monthly income can be generated immediately with annuity payments and Social Security Income (SSI).

ADDITIONAL READINGHow Much Does A $1,000,000 Annuity Pay?

If you retire on $800k starting immediately, your monthly income for life would be:

AgeSSIAnnuityTotal
62$3,402$5,033$8,435
65$3,402$5,287$8,689
70$3,402$5,700$9,102
Total = Monthly Income for Life

How to Retire on $800,000 in 5 Years

The table below illustrates how much monthly income can be generated in 5 years with a combination of annuity payments and Social Security Income (SSI). If you retire in 5 years on an $800,000 annuity, your monthly income for life would be:

AgeSSIAnnuityTotal
62$3,402$7,654$11,056
65$3,402$7,928$11,330
70$3,402$8,487$11,907
Total = Monthly Income for Life

How to Retire on $800k in 20 Years

The table below illustrates how much monthly income can be generated in 5 years with a combination of annuity payments and Social Security Income (SSI). If you retire in 20 years on $800,000, your monthly income for life would be:

AgeSSIAnnuityTotal
42$3,402$11,092$15,304
45$3,402$11,695$15,097
50$3,402$12,884$16,286
Total = Monthly Income for Life

How To Retire On $800,000 by Age

The following guaranteed income amounts are annual and do not include Social Security Benefits.

Retire At Age 55 With $800k.

Annuity Purchase DateAnnual Income At 55
Age 40$109,309
Age 45$96,203
Age 50$70,560
Age 55$52,000

Retire At Age 60 With $800k

Annuity Purchase DateAnnual Income At 60
Age 40$126,262
Age 45$124,052
Age 50$111,040
Age 55$77,354

Retire At Age 65 With $800k

The following guaranteed income amounts are annual and do not include Social Security Benefits.

Annuity Purchase DateAnnual Income At 65
Age 40$146,168
Age 45$140,334
Age 50$139,005
Age 55$115,123
Is 800K Enough To Retire

Why Use An Annuity?

Annuities are the only retirement plan in the United States that provides a guaranteed income for a lifetime, even if the plan runs out of money. As a result, the annuity is a money management tool in retirement, taking all the guesswork in budgeting your day-to-day expenses. By utilizing this financial plan, a retiree will never have to worry about running out of money, and you’ll be able to earn interest along the way!

Annuity Basics

Understanding Lifetime Income Riders

Estimate Your Retirement Income Payments

Use our annuity calculator to generate estimates, then request a quote.

Things To Consider When Retiring

  • If you can’t afford to lose money, invest your savings without the risk.
  • Inflation is rising whether you like it or not. So, plan accordingly or decrease your lifestyle in the future.
  • Per the U.S. Department of Health and Human Services, you have a 70% chance of entering a Nursing Home, Assisted Living Facility, or Home Health Care. So buy long-term care insurance now.
  • There is a 100% chance you will die, so buy affordable life insurance or, at the minimum, burial insurance for funeral expenses.
How Long Will $800,000 Last In Retirement?

Next steps

So, how much income can you expect from an $800,000 retirement fund? Request a quote to find out. Annuities are the only retirement plan in the United States that provides a guaranteed lifetime income, no matter how long you live. Withdrawals and payments will continue even if the plan runs out of money – so you can rest assured your retirement savings are safe. Request a quote today to see how much monthly income you could receive from an annuity.

Can I Retire At 62 With $800K?

Find Out How Much Income Your $800,000 Will Provide In Retirement

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Frequently Asked Questions

How long will $800K last in retirement?

With an annuity with a lifetime income rider, your money will last for the rest of your life.

What is a good monthly income to have in retirement?

A “good” monthly retirement income can vary widely depending on individual needs, lifestyle, expenses, location, and other factors. Many financial experts suggest aiming to replace 70-80% of your pre-retirement income. Consulting with a financial planner who understands your situation would provide the most accurate recommendation for your monthly retirement income.

How much money do you need to have to live off interest?

With a lifetime income rider annuity, you will receive a monthly income in addition to your social security income for the rest of your life.

Does an annuity account for inflation?

Some annuities offer a guaranteed lifetime income that can regularly increase to keep up with inflation. Once the income increases, the payment amount is locked in and can never go backward from that point forward.

Retirement Income Guides

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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