Annuity guide
Best Annuities for Guaranteed Income
If your primary goal is generating the highest possible guaranteed income in retirement, choosing the right annuity is critical. We compare income rider payout rates, lifetime withdrawal percentages, and actual income projections from the top annuity companies to help you find the best income annuity.
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Top annuity companies compared
Ranked by overall score across income options, financial strength, fees, flexibility, and customer service.
Monthly Income*
—
Monthly Income*
$4,542/mo
at 75
Monthly Income*
—
Monthly Income*
$3,094/mo
at 70
Accumulators seeking long-term growth with principal protection and broad index options
Monthly Income*
$2,480/mo
at 67
Monthly Income*
—
Income-focused retirees seeking aggressive rollup growth and lifetime guarantees
Monthly Income*
—
Monthly Income*
$2,034/mo
at 65
Monthly Income*
$4,071/mo
at 75
Conservative savers prioritizing principal protection and carrier strength
Monthly Income*
—
Monthly Income*
$4,836/mo
at 75
Monthly Income*
$1,542/mo
at 62
Monthly Income*
$2,397/mo
at 67
Monthly Income*
$3,070/mo
at 70
Savers prioritizing principal protection with indexed crediting flexibility
Monthly Income*
—
Monthly Income*
—
Older or younger buyers (ages 0-89) who cannot qualify with carriers having tighter age limits
Monthly Income*
—
Investors comfortable with RILA buffered crediting and multiple segment-type selection
Monthly Income*
—
Investors comfortable with market-linked or structured products seeking income
Monthly Income*
—
Investors comfortable with RILA structure seeking income with market-linked growth opportunity
Monthly Income*
—
*Monthly income based on a $250,000 investment with guaranteed lifetime payments, starting at each carrier's own real quoted age (shown per company above). Companies without a live benchmark show “—”.
Income projections by investment amount
Estimated guaranteed lifetime income from top-rated annuities. Each carrier's real income-start age is noted next to its name below.
| Company | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|
| Allianz Life | — | — | — | — |
| Athene Annuity income starts at 75 | $1,817/mo | $4,542/mo | $9,084/mo | $18,169/mo |
| Mutual of Omaha | — | — | — | — |
| Nationwide income starts at 70 | $1,238/mo | $3,094/mo | $6,189/mo | $12,377/mo |
| North American income starts at 67 | $992/mo | $2,480/mo | $4,959/mo | $9,918/mo |
| Pacific Life | — | — | — | — |
| Protective Life | — | — | — | — |
| Prudential income starts at 65 | $814/mo | $2,034/mo | $4,069/mo | $8,138/mo |
| American Equity income starts at 75 | $1,629/mo | $4,071/mo | $8,143/mo | $16,285/mo |
| American National | — | — | — | — |
| Jackson National income starts at 75 | $1,934/mo | $4,836/mo | $9,671/mo | $19,342/mo |
| Symetra income starts at 62 | $617/mo | $1,542/mo | $3,083/mo | $6,167/mo |
| Aspida income starts at 67 | $959/mo | $2,397/mo | $4,794/mo | $9,588/mo |
| Delaware Life income starts at 70 | $1,228/mo | $3,070/mo | $6,139/mo | $12,279/mo |
| Security Benefit | — | — | — | — |
| American Century | — | — | — | — |
| American Gulf | — | — | — | — |
| Equitable | — | — | — | — |
| Principal | — | — | — | — |
| Transamerica | — | — | — | — |
Income figures are estimates based on current rates, each starting at the carrier's own real quoted age (shown per row above) with lifetime guarantee. Actual payouts may vary. “—” means we don't yet have a live benchmark for that carrier.
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How annuity income works
Annuity income is generated through a process called annuitization or via income riders. With an income rider, your "income base" grows at a guaranteed rollup rate (typically 6–8% annually) during the deferral period. When you activate income, you receive a percentage of the income base each year — guaranteed for life, regardless of market conditions or how long you live.
What is a Lifetime Income Rider?
A lifetime income rider is an optional benefit added to a deferred annuity that guarantees a stream of income for life. The rider grows an 'income base' at a guaranteed rollup rate during deferral, then pays a percentage of that base annually once activated. Typical rider fees range from 0.75% to 1.25% per year.
Benchmark annuity income by company
Live benchmark income for a $500,000 investment, from our current ARW rate feed:
| Company | Benchmark Product | Income Rider | $500K Income |
|---|---|---|---|
| Jackson National income starts at 75 | Income Assurance 7 | Income Assurance GMWB | $116,053/yr |
| Athene Annuity income starts at 75 | Ascent Pro 10 Bonus (State Variations) | Ascent Pro 10 Bonus Income Rider Level Income | $109,013/yr |
| American Equity income starts at 75 | IncomeShield Bonus 10 | IncomeShield Bonus 10 LIBR Option 2 - 6.50% Rollup & Wellbeing Rider | $97,711/yr |
| Nationwide income starts at 70 | New Heights Select 8 | NHS 8 High Point 365 Lifetime Income Benefit Rider w Bonus | $74,265/yr |
| Delaware Life income starts at 70 | TruePath Income™ | TruePath Income GLWB: Ready Growth Strategy Level Income | $73,672/yr |
| North American income starts at 67 | Income Pay Pro 10 | Income Pay Pro 10 Level Guarantee Lifetime Withdrawal Benefit | $59,508/yr |
| Aspida income starts at 67 | Synergy Choice Income | Synergy Choice Income Guaranteed Lifetime Income Benefit Rider | $57,525/yr |
| Prudential income starts at 65 | Elevate Income | Elevate Income Benefit | $48,825/yr |
| Symetra income starts at 62 | Symetra Income Edge Plus 7 | Guaranteed Lifetime Withdrawal Benefit Level Income | $37,000/yr |
Key takeaway
The highest-paying annuity we track for guaranteed income is Jackson National's Income Assurance 7, generating approximately $9,671/month ($116,053/year) from a $500,000 investment starting at age 75. For income maximization, compare the live benchmark table above rather than a carrier's headline rate alone.
Strategies to maximize annuity income
- Defer as long as possible: Each year of deferral increases your income base by the rollup rate. A 5-year deferral at 8% can increase your income by 40–47%.
- Compare payout rates, not just rollup rates: A high rollup rate means nothing if the payout percentage is low. Look at the actual dollar income at your target age.
- Consider joint-life payouts: If you have a spouse, joint-life income ensures payments continue for both lifetimes — though the monthly amount will be slightly lower.
- Time your purchase with rate cycles: Annuity rates tend to follow interest rate trends. In a rising-rate environment, shorter deferral periods or laddering can capture improving rates.
Income annuity vs. systematic withdrawals
A common question is whether to use an annuity for income or simply withdraw from a portfolio. The key advantage of an annuity is longevity protection — you cannot outlive the payments. With systematic withdrawals at the traditional 4% rate, a $500,000 portfolio generates $20,000/year with the risk of depletion. The same amount in a top annuity generates $116,053/year, guaranteed for life.
Frequently asked questions
Common questions about the best annuities for guaranteed income.
What is a lifetime income rider?
A lifetime income rider is an optional benefit you can add to a deferred annuity that guarantees you a stream of income for life, regardless of how long you live or how your account performs. The rider typically has a rollup rate that grows your income base during the deferral period, and a payout rate based on your age when you begin taking income. 25% annually.
How do annuity rates compare to CDs?
Annuity rates, particularly MYGAs, often exceed bank CD rates. Top MYGA rates currently range from 6.00% to 6.38% for 3-5 year terms — see our rates page for today's full table. The key difference is that annuity earnings grow tax-deferred, while CD interest is taxed annually. However, annuities have surrender periods while CDs may offer more liquidity.
What are surrender charges?
Surrender charges are fees imposed by the insurance company if you withdraw more than the allowed free amount during the surrender period (typically 5-10 years). These charges usually start at 7-10% in the first year and decline annually until they reach 0%. Most annuities allow you to withdraw up to 10% of your account value each year without surrender charges. Understanding the surrender schedule is crucial before purchasing an annuity.
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