Is 10 Million Enough to Retire?

Shawn Plummer

CEO, The Annuity Expert

This guide will show you how to retire on 10 million dollars, step-by-step. In addition, we’ll provide estimates on your retirement income at different age brackets.

If you are close to transitioning to retirement, check our Retirement Planning Guide.

If you are not close to transitioning to retirement, check out our Guaranteed Retirement Income Guide.

Use an annuity calculator to get a better idea of the retirement income generated.

How To Retire On Ten Million Dollars

The average monthly Social Security Income check-in 2022 is $1,543 per person. In the tables below, we’ll use an annuity with a lifetime income rider coupled with SSI to provide you a better idea of the income you could receive off a $10,000,000 in savings. The data will be based on:

How to Retire on 10 Million Dollars, 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?

AgeSSIAnnuityTotal
62$3,086$43,200$46,286
65$3,086$47,210$50,296
70$3,086$51,330$54,416

Total = Monthly Income for Life

How to Retire on 10 Million Dollars 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 a $10,000,000 annuity, your monthly income for life would be:

AgeSSIAnnuityTotal
62$3,086$65,520$68,606
65$3,086$71,470$74,556
70$3,086$77,430$80,516

Total = Monthly Income for Life

How to Retire on 10 Million Dollars 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 $10,000,000, your monthly income for life would be:

AgeSSIAnnuityTotal
42$3,086$92,330$95,416
45$3,086$99,000$102,086
50$3,086$131,710$134,796

Total = Monthly Income for Life

How To Retire On $10 Million By Age

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

Retire At Age 55 With $10 Million.

Annuity Purchase DateAnnual Income At 55
Age 40$822,270
Age 45$815,780
Age 50$612,490
Age 55$470,000

Retire At Age 60 With $10 Million.

Annuity Purchase DateAnnual Income At 60
Age 40$1,053,800
Age 45$949,940
Age 50$901,900
Age 55$660,320

Retire At Age 65 With $10 Million.

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

Annuity Purchase DateAnnual Income At 65
Age 40$1,291,830
Age 45$1,185,800
Age 50$1,095,150
Age 55$1,002,120

How Much Does $10 Million Payout?

The following table will provide an estimate of how much guaranteed income a $10,000,000 annuity will payout, annually, for the rest of a person’s life.

AgeImmediatelyIn 5 YearsIn 10 yearsIn 20 Years
40$1,053,800
45$1,188,000
50$887,190$1,300,480
55$657,240$1,003,400$1,443,300
60$525,000$764,780$1,066,860
65$575,000$816,000$1,168,890
70$625,000$901,000$1,410,840
75$675,000$1,056,820

Why Buy An Annuity?

Currently, 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. The annuity is basically 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, ever.

Annuity Basics

YouTube video

Understanding Lifetime Income Riders

YouTube video

Keeping Up With Inflation

Some annuities offer a guaranteed lifetime income with the ability to increase regularly 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

Find Out How Much Income Your $10 Million Will Provide In Retirement

Contact Us
First
Last

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. 

Scroll to Top