Canal Walk owner Hyprop upbeat even as Edgars, Pick n Pay cut space
Hyprop has reported improved vacancies and a slight rise in footfall.
Nadine Hutton/Bloomberg via Getty Images
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How much would a $200,000 annuity pay monthly if bought at age 65?
We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. The monthly payments on a $200,000 annuity could help boost your income significantly during retirement. Getty Images/iStockphoto For Americans who are nearing or entering retirement in today's economic landscape, financial certainty can be hard to come by. Prices on everyday essentials remain elevated, the stock market remains volatile and high interest rates — while a boon for savers — add extra complexity to long-term planning. So, it's no surprise that more seniors and soon-to-be retirees are turning to annuities as a way to lock in guaranteed monthly income after they stop working. The main benefit of an annuity is that it acts like a personal pension: You hand over a lump sum to an insurance company, and in return, they send you a monthly paycheck for life (or for a set term). Having that predictable income to rely on during retirement can make a big difference in the average person's budget, especially considering that Social Security alone falls short of covering today's average cost of living. But how much can you really expect to receive from a $200,000 annuity that's purchased at age 65? Below, we'll break down what you should know about the current payout estimates and the key factors that influence them. Secure a reliable monthly paycheck by adding an annuity to your retirement plan now. How much will a $200,000 annuity pay monthly if bought at age 65? If you're planning to purchase a fixed lifetime annuity with a $200,000 premium at age 65, your monthly payout will vary based on a range of factors. However, it can still be helpful to know what current estimates show. Here's what you could expect to receive as your monthly payout on this type of annuity, according to an analysis of Cannex data by 65-year-old man: About $1,294 per month About $1,294 per month 65-year-old woman: About $1,240 per month About $1,240 per month Joint life annuity at age 65 (male and female): Roughly $1,122 per month These figures assume the annuity starts paying out immediately and continues for life. Keep in mind, though, that annuity payouts will generally vary based on: Your gender and life expectancy Women typically receive lower monthly amounts than men of the same age because actuarial tables show women tend to live longer. Since insurance companies expect to make payments over a longer period for women, they adjust monthly amounts downward to account for this extended payout timeline. Compare your annuity options and find the right one for you today. The annuity structure and type The type of annuity you choose will also have a significant impact on your potential monthly income. For example, a single-life annuity provides the highest monthly payment but ceases upon your death. Joint-life annuities continue payments to a surviving spouse but offer lower monthly amounts since the insurance company anticipates making payments across two lifetimes rather than one. Some annuities also offer period-certain options that guarantee payments for a minimum number of years regardless of when you die. The interest rate environment The interest rate environment directly impacts your monthly income potential when purchasing an annuity because insurance companies invest the annuity premiums in government bonds and other fixed-income securities. When interest rates are elevated, as they are now, insurers can generate better returns on investments and pass along higher monthly payments to annuity holders. Any optional riders or features you choose Optional riders and features can enhance your annuity's benefits but typically reduce your base monthly payment. Cost-of-living adjustments help payments keep pace with inflation, while guaranteed minimum payout periods ensure your beneficiaries receive benefits even if you die early in the contract. Death benefit riders can return your unused premium to your heirs, but each feature comes at a cost that lowers your initial monthly income. Should you buy a $200,000 annuity at age 65? Whether or not it makes sense to buy a $200,000 annuity at age 65 — or another annuity at any other age — is a decision that depends heavily on your overall retirement income strategy. But for many retirees, using part of their savings to lock in guaranteed income can help take the pressure off their other assets. For example, if you've already maxed out your Social Security and expect to live for 20 or more years in retirement, an annuity can be a powerful hedge against longevity risk. Knowing that you'll receive a reliable check each month, no matter how the stock market performs or how long you live, is a major financial confidence booster. Still, it's crucial to consider liquidity as part of the decision-making process. Once you buy an annuity, that money is typically locked up. If you think you might need access to your full $200,000 later, you may want to only annuitize a portion of your savings or look into other income-generating products that allow more flexibility. It's also worth comparison shopping. Annuity quotes can vary significantly from one insurer to the next, so get multiple quotes and do your homework to make sure the product you're considering fits with your overall plan. The bottom line A $200,000 annuity purchased at age 65 could generate roughly $1,200 to $1,300 a month for life, depending on your gender, payout type and other contract features. That steady income can play a crucial role in covering retirement essentials or supplementing Social Security. But as with any major financial decision, it pays to weigh the pros and cons, compare options carefully and think through how an annuity fits into the bigger picture of your retirement goals. For many retirees, though, the peace of mind may be worth the price of admission.
