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What amount can I expect to get back from an annuity on a monthly or quarterly basis if I contribute $400 monthly for the next 8 years and open the account with $10,000?

I am 58 years old now and would like to open up a deferred income annuity so I get regular monthly or quarterly income starting from age 68 or 69. However, I would like to open up the account with the minimum amount of $10,000 and contribute around $400 on a monthly basis for the next 8 years. If I go with a company that has a current S&P rating of AA++, what could be my monthly or quarterly earning when I would start getting the annuitized amount at age 68 or 69? I would like to pass on the remains of the fund to my son when both me and my wife pass.

Retirement, Annuities
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November 2018

This can't be answered precisely because it depends on the interest rate being credited to the annuity between now and when you start taking income.  A little quick math says that if that rate is 3% (just guessing) then in 8 years, assuming $450 monthly contributions, the account value would hypothetically be $61000.  If at that age you are 68, and the insurance actuaries estimate you have a life expectancy of 21 years, and you annuitize at an interest rate of 3%, you could expect a lifetime payment of about $326/month. This is all purely hypothetical, of course!  I don't know what rate the insurance company will actually use, but if you assume 3% this is probably close.  Note that once you "annuitize" an annuity, there is no longer an account balance to transfer to your heirs.  When you annuitize, you are giving up the account balance in return for lifetime income, so your son would not receive anything.  You can annuitize with a "10 year certain" or "20 year certain" which reduces the payment a little bit, but will guarantee the payments continue for at least that long, even if you and your wife both die.  

December 2018
December 2018