The Best SPIA Rates For April 2024

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Best Single Premium Immediate Annuities Rates

Single Premium Immediate Annuities (SPIA) provide a guaranteed income, typically monthly, in exchange for a lump sum investment. The rates vary based on age, type of plan, and other factors.

Use this tool to compare immediate annuity rates for a single life:

Spia Rates

Single Life – Age 60

Here is a look at the best rates for a $100,000 investment:

Policy TypeMonthly Payout
Single Life Only$564
Single Life with 10YR PC$565
Single Life with 20YR PC$543
10YR PC$1,109
20YR PC$643

Single Life – Age 65

Here is a look at the best rates for a $100,000 investment:

Policy TypeMonthly Payout
Single Life Only$620
Single Life with 10YR PC$620
Single Life with 20YR PC$579
10YR PC$1,019
20YR PC$643

Single Life – Age 70

Here is a look at the best rates for a $100,000 investment:

Policy TypeMonthly Payout
Single Life Only$700
Single Life with 10YR PC$695
Single Life with 20YR PC$610
10YR PC$1,019
20YR PC$643

Joint Life – Age 60/60

Here is a look at the best rates for a $100,000 investment:

Policy TypeMonthly Payout
Joint Life Only 100%$505
Joint Life Only 50%$555
Joint Life with 10YR PC$510
Joint Life with 20YR PC$508
10YR PC$1,019
20YR PC$643

Joint Life – Age 65/65

Here is a look at the best rates for a $100,000 investment:

Policy TypeMonthly Payout
Joint Life Only 100%$543
Joint Life Only 50%$608
Joint Life with 10YR PC$549
Joint Life with 20YR PC$543
10YR PC$1,019
20YR PC$643

Joint Life – Age 70/70

Here is a look at the best rates for a $100,000 investment:

Policy TypeMonthly Payout
Joint Life Only 100%$593
Joint Life Only 50%$678
Joint Life with 10YR PC$601
Joint Life with 20YR PC$581
10YR PC$1,019
20YR PC$643

Analysis of SPIA Rates

  • The monthly payouts increase with age, reflecting shorter life expectancy and, thus, a higher monthly return over a shorter period.
  • Joint life policies typically offer lower monthly payouts compared to single life policies, reflecting the probability of paying out over a longer period due to two annuitants.
  • The addition of a period certain (PC) option, like 10 or 20 years, slightly reduces the monthly payout. This option guarantees payments for a defined period even if the annuitant dies.
Single Premium Immediate Annuity Rates

Conclusion

Understanding SPIA rates is crucial for making informed retirement planning decisions. These rates show how age and policy options impact the monthly payouts from a $100,000 investment.

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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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