Updated October 16, 2026 by Kevin Edwards, California-licensed annuity agent (License #0D42517). Based on California SPIA quotes from our October 12, 2026 update.
A $1,000,000 annuity is usually one part of a larger plan, not the whole plan. The figures below show what that amount could pay, and the sections after them cover what changes at this size.
Scaled from today’s best California quote, $1,000,000 would pay a 70-year-old man about $7,497 a month for life, a 70-year-old woman about $7,079, and a 70-year-old couple about $6,210. Starting at 65 pays about $6,687; at 75, about $8,781.
Note: the figures below are scaled from our $100,000 California quotes. I’ll replace them with direct $1,000,000 quotes in our next weekly update.
Monthly Income From a $1,000,000 Immediate Annuity in California
| Age | Annuitant | Monthly income for life | Annual income | Monthly, life + 10 years certain | Years to receive $1,000,000 back* |
|---|---|---|---|---|---|
| 65 | Man | $6,687 | $80,248 | $6,487 | 12.5 years |
| 65 | Woman | $6,386 | $76,633 | $6,242 | 13 years |
| 65 | Couple (joint) | $5,670 | $68,041 | $5,662 | 14.7 years |
| 70 | Man | $7,497 | $89,960 | $7,120 | 11.1 years |
| 70 | Woman | $7,079 | $84,942 | $6,811 | 11.8 years |
| 70 | Couple (joint) | $6,210 | $74,519 | $6,187 | 13.4 years |
| 75 | Man | $8,781 | $105,371 | $7,957 | 9.5 years |
| 75 | Woman | $8,157 | $97,889 | $7,596 | 10.2 years |
| 75 | Couple (joint) | $6,921 | $83,056 | $6,840 | 12 years |
Best California quotes from our October 12, 2026 update (Securian Financial at every age shown), scaled from a $100,000 premium to $1,000,000. Non-qualified premium, monthly payments starting about one month after purchase, no cost-of-living increase; joint quotes are for a man and a woman of the same age. *Years of life-only payments to equal the premium, before taxes. Actual $1,000,000 quotes can differ slightly because some carriers price by premium band.
$1,000,000 Annuity vs. the 4% Rule
A commonly cited rule of thumb is to withdraw 4% of a portfolio in the first year of retirement: $40,000 from $1,000,000. A life-only immediate annuity for a 70-year-old man pays about $89,960 a year in our scaled figures. The annuity pays more because it uses up the principal and is guaranteed only as long as you live; the 4% approach keeps the money invested and available to heirs, with market risk. Many retirees use some of each.
$1,000,000: Lifetime Income or Guaranteed Interest?
| 70-year-old man | Immediate annuity (life only) | 5-year MYGA, interest taken yearly |
|---|---|---|
| Income | $7,497 a month for life | About $5,083 a month for 5 years |
| The $1,000,000 afterward | Used up to create the income | Still yours when the term ends |
| Basis | Best California life-only quote | 6.10% guaranteed (Aspida Synergy Choice 5, $100,000+) |
On $1,000,000, MYGA interest alone pays about $61,000 a year while keeping the full million; the immediate annuity pays about $28,960 a year more but spends the principal. Current terms for every insurer are on our California MYGA rates page.
$1 Million and Up
- Quotes are individual. Large premiums may need the insurer’s approval, and pricing can differ from smaller amounts, so treat scaled figures as estimates and get a direct quote.
- Splitting across insurers. Many buyers divide a large premium among two or more highly rated carriers, spreading the risk and keeping each contract closer to the limits of protection from the California Life and Health Insurance Guarantee Association.
- Annuitizing part, not all. Turning only part of your savings into lifetime income, and keeping the rest invested or in a MYGA, leaves money available for large expenses.
Considering $2 million, $5 million or more? Request a personal quote and I’ll compare carriers for your exact amount.
Questions About a $1,000,000 Annuity
Can I put $1 million into one annuity?
Insurers may require approval for large premiums, and many buyers split a large amount among several carriers. I’ll check which insurers accept your amount when I quote it.
How much does a $2 million annuity pay?
Roughly twice the $1,000,000 figures, but large premiums are quoted individually. Request a quote for your exact amount.
Compare Before You Buy
Life only vs. period-certain options, why women and couples receive less, and how payouts are taxed are explained on our California SPIA rates page, updated weekly; see also how annuities are taxed and our immediate annuity calculator. Other amounts: $10,000 · $50,000 · $75,000 · $100,000 · $200,000 · $300,000 · $400,000 · $500,000.
I’m an independent California annuity agent and can quote multiple carriers for your exact amount and age. Request a free quote or call (877) 854-7396.
Source: California SPIA quotes via AIP Marketing Alliance, retrieved October 12, 2026; MYGA rates from AnnuityRateWatch.com via AIP Marketing Alliance, retrieved October 12, 2026. Quotes and rates change often and must be confirmed with the issuing carrier at application.
Kevin Edwards, Integrity Now Insurance Brokers. California Insurance License #0D42517. Annuities are insurance products, not bank deposits, and are not FDIC insured. Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Withdrawals before the end of the surrender period may be subject to surrender charges and market value adjustments; withdrawals of taxable amounts may be subject to ordinary income tax and, if taken before age 59½, a 10% federal tax penalty. This page is for educational purposes and is not tax, legal or investment advice. Product availability and features vary by state.