How To Retire on $800,000

Shawn Plummer

CEO, The Annuity Expert

Do you want to know how to retire on $800,000? It’s not as difficult as you may think. This guide will discuss the steps you need to take to achieve this goal. We will also provide information on how to save and invest money wisely. So, if you are looking for ways to make your retirement more comfortable, keep reading!

How to Retire on $800K comfortably

The average monthly Social Security Income check in 2021 is $1,543 per person. In the tables below, we’ll use an annuity with a lifetime income rider coupled with SSI to give you a better idea of the income you could receive from $800,000 in savings. The data will be based on the following:

How to Retire on $800,000, Starting Immediately

The table below illustrates how much monthly income can be generated immediately with a combination of 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$3,086$3,500$6,586
65$3,086$3,833$6,919
70$3,086$4,167$7,253
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$3,086$5,100$8,186
65$3,086$5,440$8,526
70$3,086$6,007$9,093
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
40$3,086$7,025$10,111
45$3,086$7,905$10,991
50$3,086$8,670$11,756
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$65,782
Age 45$65,262
Age 50$49,000
Age 55$33,600

Retire At Age 60 With $800k.

Annuity Purchase DateAnnual Income At 60
Age 40$84,304
Age 45$75,995
Age 50$70,975
Age 55$52,826

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$103,346
Age 45$94,864
Age 50$87,612
Age 55$78,419

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.

Annuity Basics

Understanding Lifetime Income Riders

Estimate Your Retirement Income Payments

Take advantage of 17 different annuity calculators to generate estimates, then request a quote.

Keeping Up With 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.

Things To Consider When Retiring

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.

How To Retire With $80,000

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

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Frequently Asked Questions

Can I retire at 60 with $800k?

Yes, you can retire at 60 with eight hundred thousand dollars. At age 60, an annuity will provide a guaranteed level income of $42,000 annually, starting immediately, for the rest of the insured’s lifetime. The income will stay the same and never decrease.

If the annuitant selected the increasing income option, they would receive $37,760 annually initially, with the income amount increasing over time to keep up with inflation.

Either lifetime income option will continue to pay the annuitant even after the annuity has run out of money. At the time of the annuitant’s death, the designated beneficiary will inherit the remainder of the annuity.

Can I Retire at 64 with $800K in Savings?

Yes, you can retire at 64 with eight hundred thousand dollars. At age 64, an annuity will provide a guaranteed level income of $42,000 annually, starting immediately, for the rest of the insured’s lifetime. The income will stay the same and never decrease.

If you wait one year and start your lifetime income at age 65, your guaranteed level income will increase to $51,744 annually for life.

If the annuitant selected the increasing income option, they would receive $37,760 annually initially, with the income amount increasing over time to keep up with inflation.

Either lifetime income option will continue to pay the annuitant even after the annuity has run out of money. At the time of the annuitant’s death, the designated beneficiary will inherit the remainder of the annuity.

Retirement Income Guides

Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

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

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