Life Retirement Income

I want to buy an immediate annuity, provided $ 1,700 in monthly income to live. Plus my monthly Social Security benefits, which should be enough to pay my normal retirement expenses. How much will I need to invest? I am over 65 years old.

Annuity payment rate is the interest rate and the current purchase decisions based on your age. Right now, a 65-year-old man will have to invest about $ 268,000 to provide $ 1,700 per month for the rest of his life in immediate annuity. A 65-year-old woman, because of her long life, there will be about $ 288000 for the same monthly payment of wages. A 65-year-old couple will have to pay about $ 317,000 to continue paying $ 1,700 per month as long as the annuity which eithe R live. You can look from the top companies in the best annuity quotes ImmediateAnnuities.com, which shows how much investment you need to provide a monthly payment. You can also use the calculator on the site to see how a specific lump sum into a stream of monthly income. You’re older, higher spending.

With a fixed immediate annuity, expenses to maintain the level of life, so they will lose purchasing power inflation over time. Several insurance companies offer immediate annuities increased every year, whether it is based on the consumer price index or by a fixed amount of expansion, such as 2% or 3% of its annual payment. However, the initial outlay tend to start in less than a fixed annuity paid about 25-30% of the cost of the same. However, if you are staying yond your life expectancy, you will succeed after a pension adjustment and inflation.

For example, a 65-year-old man who invested $ 100,000 in an immediate annuity New York Life no inflation adjustments can be $ 6,930 per year for the rest of his life. Or he can buy a 3 percent annual growth, which will by the age of 75 to pay $ 5,168 per year beginning at age 65, up to $ 6, 743 annuity from $ 7,818 and $ 80 ○ Liushi San Jiuqian by the age of 85

For more information on instant annuities, see locking in your retirement income.