Annuity Rates 2026: What Sets Them, and What a Fair Payout Looks Like (No Sales Quotes)
What a fair annuity payout looks like at each age on today’s Treasury yields, what moves the rate, and a check that turns any quote into the interest rate it implies.
QuantCalc does not quote insurers’ live rates. What it shows is the payout a fairly priced life annuity would give on public data: on November 3, 2026, with the 10-year Treasury at 4.95% (Treasury), a 65-year-old man’s modelled payout rate is 9.13% a year ($761 a month per $100,000), a woman’s 8.28%. Use the fair-value check below to see what interest rate a real quote implies.
Last updated 2026-11-04. Sources are linked next to each figure and listed at the end.
Data note: this page has no live market rates and names no insurer. Payout rates below are modelled from the SSA 2022 period life table and the U.S. Treasury par yield curve, refreshed when the page is rebuilt; the date of the yields used is printed with every table.
Fair-value check: what rate does my quote imply?
Life-only income with no refund or period certain. A quote with a cash refund or a guaranteed period pays less for the same premium, so its implied rate reads low.
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Modelled annuity payout rates by age (November 3, 2026)
| Age | Man | Woman | Joint | Man, per $100k a month |
|---|---|---|---|---|
| 60 | 8.14% | 7.46% | 6.66% | $678 |
| 65 | 9.13% | 8.28% | 7.27% | $761 |
| 70 | 10.53% | 9.49% | 8.16% | $878 |
| 75 | 12.68% | 11.30% | 9.48% | $1,056 |
| 80 | 16.00% | 14.08% | 11.51% | $1,333 |
What sets annuity rates
- Interest rates. The insurer invests the premium mostly in bonds; when yields rise, the same premium buys more income. The table below shows the model payout moving with the 10-year Treasury through 2026.
- Your age and sex. Fewer expected payments mean a higher payout rate: older buyers and men get more per dollar.
- Joint life and guarantees. Income that must last two lives, or that refunds unpaid premium at death, costs more and pays less.
- The insurer’s charges and its buyers. Expenses, profit, capital, and the fact that annuity buyers live longer than average all lower a real quote below the model.
Multi-year guaranteed annuity (MYGA) rates vs Treasuries
A MYGA pays a fixed rate for a set term, much like a certificate of deposit issued by an insurer. The natural yardstick is a Treasury of the same term, which is backed by the U.S. government and can be sold at any time: on November 3, 2026 the 1-year Treasury paid 4.40%, the 5-year 4.74% and the 10-year 4.95% (Treasury par yield curve). A MYGA offering only that much adds surrender charges and insurer risk for nothing; a higher rate is the price of those. MYGA interest is tax-deferred until withdrawn; Treasury interest is taxed each year but exempt from state income tax.
The 10-year Treasury and the model payout in 2026
| Date | 10-year Treasury | Payout rate | Per month |
|---|---|---|---|
| 2026-01-02 | 4.19% | 8.57% | $714 |
| 2026-02-02 | 4.29% | 8.64% | $720 |
| 2026-03-02 | 4.05% | 8.47% | $706 |
| 2026-04-01 | 4.33% | 8.67% | $723 |
| 2026-05-01 | 4.39% | 8.72% | $726 |
| 2026-06-01 | 4.47% | 8.78% | $731 |
| 2026-07-01 | 4.48% | 8.78% | $732 |
| 2026-08-03 | 4.70% | 8.94% | $745 |
| 2026-09-01 | 4.79% | 9.01% | $751 |
| 2026-10-01 | 5.24% | 9.34% | $778 |
| 2026-11-02 | 4.91% | 9.10% | $758 |
Example of the check above: a quote of $650 a month for $100,000 at 65 (man, life only) implies a 3.11% interest rate on the population table, against the 4.95% 10-year Treasury; at the Treasury rate it keeps about 15% of the fair payment.
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What are annuity rates today?
QuantCalc does not publish insurers’ live quotes. On public data, a fairly priced immediate life annuity for a 65-year-old man pays about 9.13% of the premium a year at the 4.95% 10-year Treasury yield of November 3, 2026; real quotes are usually lower. The table above has ages 60 to 80.
Why do annuity rates change?
Mostly with interest rates: the insurer invests the premium in bonds, so higher yields mean a higher payout for the same premium. The 2026 table above shows the model payout moving with the 10-year Treasury.
How do I know if an annuity quote is good?
Enter it in the fair-value check: it returns the interest rate the quote implies on a public mortality table. Compare that with the Treasury yield for a similar term and with quotes from other insurers for the same contract features.
Are MYGA rates better than Treasury yields?
Compare the same term. On November 3, 2026 the 5-year Treasury paid 4.74% (Treasury). A MYGA should pay more than that to make up for surrender charges and the insurer’s credit risk.
Sources
- U.S. Treasury daily par yield curve (November 3, 2026)
- SSA 2022 period life table
- SEC Investor.gov: Annuities
- Treas. Reg. §1.72-9 (expected-return multiples)
Payout rates are computed by frontend/js/calc/annuity-payout.js; the fair-value check by frontend/js/calc/annuity-fair-value.js on the same pricing. Treasury yields: research/data/treasury-par-yields-2026.json, copied from Treasury’s CSV on 2026-11-04. QuantCalc is calculation software, not tax, legal, insurance or investment advice.
Related
Annuities explained → Annuity payout calculator → Annuity or the 4% rule? → How long will my money last? → Fixed-term annuities (MYGA) →