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 of 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 understand better the retirement income generated.

Can I Retire On 10 Million Dollars?

This is a question that many people ask themselves as they approach retirement. The simple answer is yes. You can retire on 10 million dollars. However, there are a few things to consider before making this decision.

First, you need to make sure that you have enough saved up to cover your expenses. If you plan on retiring early, you must ensure that your savings are sufficient to cover your living expenses for several years.

Second, you need to factor in inflation. Over time, the cost of living will increase, so you must ensure that your 10 million dollars will be worth less.

Third, you need to consider your lifestyle. If you plan on retiring to a life of leisure, you must ensure that your 10 million dollars will last you for several years. However, you may not need as much money if you plan to continue to work after retirement.

Fourth, it would be best if you considered taxes. If you are in a high tax bracket, you will need to make sure that your 10 million dollars are invested in a way that minimizes your tax liability.

Finally, it would be best to decide how you want to receive your income in retirement. You can choose to receive it in lump sum payments, as an annuity, or in a combination of both.

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 estimate how much guaranteed income a $10,000,000 annuity will pay out 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

Understanding Lifetime Income Riders

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

Next Steps

Ten million dollars may seem like a lot of money, but it is important to remember that it is not an infinite amount. There are many things to consider when planning for retirement, and we can help you make the best decision for your future. So contact us today for a free quote, and let us help you plan the retirement of your dreams.

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

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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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