Guaranteed Income at Age 70
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Guaranteed Income at Age 70 is one of the most effective strategies for retirement security. With pensions becoming rare, retirees increasingly rely on annuities to generate their own steady paycheck for life. By starting at age 70, payout rates are higher, ensuring more income for every dollar saved.
Guaranteed Income Example at Age 70
Imagine you’ve saved $1,000,000 by age 70 and choose a fixed annuity with an 8.5% lifetime payout rate. Here’s what your guaranteed income would look like:
Retirement Balance: $1,000,000
Payout Rate: 8.5%
Annual Guaranteed Income: $85,000 for life
This guaranteed paycheck continues for as long as you live, no matter how the stock market performs. Many annuities also offer spousal continuation so your partner can continue receiving income if you pass away first.
Why Age 70 Is a Powerful Retirement Milestone
- Maximum Payouts: Waiting until 70 rewards you with higher income compared to starting earlier.
- Predictable Income: Know exactly how much will arrive in your account every year.
- Flexibility: Options exist for joint income and beneficiary protection.
Want to see how payouts compare? Visit our fixed annuity rates page for today’s numbers.
Many retirees also combine annuity income with Social Security planning to maximize lifetime cash flow. This strategy allows you to delay Social Security for larger future benefits while using annuity income to cover expenses now.
Find Out Your Guaranteed Income at Age 70
Every retirement plan is unique. Our advisors can calculate exactly how much guaranteed income you can receive at 70—or any age—based on your savings.
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FAQs: Guaranteed Income at Age 70
What does “guaranteed income at age 70” mean?
It means converting savings into a financial instrument (like a fixed or income annuity) that begins paying a reliable annual income starting at age 70, guaranteed for life, regardless of market performance. [oai_citation:0‡Diversified Insurance Brokers](https://www.diversifiedquotes.com/guaranteed-income-at-age-70/?utm_source=chatgpt.com)
How much income can I expect with $1,000,000 at age 70?
As an example on this page: if you have $1,000,000 at age 70 and use a product with an 8.5% lifetime payout rate, you might receive ~$85,000 per year in guaranteed income. [oai_citation:1‡Diversified Insurance Brokers](https://www.diversifiedquotes.com/guaranteed-income-at-age-70/?utm_source=chatgpt.com)
Why is age 70 a good time to start guaranteed income?
Waiting until 70 generally gives you higher payout rates, meaning you get more income per dollar saved. Also, by that age, many retirement expenses are known, so planning with guaranteed income brings predictability. [oai_citation:2‡Diversified Insurance Brokers](https://www.diversifiedquotes.com/guaranteed-income-at-age-70/?utm_source=chatgpt.com)
What types of annuities are used for this strategy?
Fixed annuities or lifetime income annuities are commonly used. Some people also use fixed indexed annuities with income riders. Product features (joint vs single life, death benefits, etc.) affect the rate. [oai_citation:3‡Diversified Insurance Brokers](https://www.diversifiedquotes.com/guaranteed-income-at-age-70/?utm_source=chatgpt.com)
Does guaranteed income replace Social Security?
No—it’s usually complementary. Many people use annuity income at 70 to cover essential expenses while delaying Social Security for higher benefits. [oai_citation:4‡Diversified Insurance Brokers](https://www.diversifiedquotes.com/guaranteed-income-at-age-70/?utm_source=chatgpt.com)
What are possible downsides to waiting until 70?
Downsides include fewer years of income, potential inflation erosion if payments aren’t indexed, and less flexibility if you need liquidity. Also, once you commit to an annuity, you often can’t change terms later.
Can I get beneficiary or joint life features?
Yes, many annuities offer joint life/ spousal continuation or death benefit guarantees so that payments continue (or beneficiaries receive something) after death. You’ll want to compare carriers and terms. [oai_citation:5‡Diversified Insurance Brokers](https://www.diversifiedquotes.com/guaranteed-income-at-age-70/?utm_source=chatgpt.com)
How can I see what I’d get with my own savings?
You can run quotes with our fixed annuity rates page or speak to one of our advisors. We’ll customize estimates based on your savings, desired income, and annuity features. [oai_citation:6‡Diversified Insurance Brokers](https://www.diversifiedquotes.com/guaranteed-income-at-age-70/?utm_source=chatgpt.com)
Disclosures: Lifetime payout estimates depend on product type, carrier rating, contract terms, joint vs single life, and current interest rates. Not all products include inflation adjustments or death benefits.
About the Author:
Jason Stolz, CLTC, CRPC, is a senior insurance and retirement professional with more than two decades of real-world experience helping individuals, families, and business owners protect their income, assets, and long-term financial stability. As a long-time partner of the nationally licensed independent agency Diversified Insurance Brokers, Jason provides trusted guidance across multiple specialties—including fixed and indexed annuities, long-term care planning, personal and business disability insurance, life insurance solutions, and short-term health coverage. Diversified Insurance Brokers maintains active contracts with over 100 highly rated insurance carriers, ensuring clients have access to a broad and competitive marketplace.
His practical, education-first approach has earned recognition in publications such as VoyageATL, highlighting his commitment to financial clarity and client-focused planning. Drawing on deep product knowledge and years of hands-on field experience, Jason helps clients evaluate carriers, compare strategies, and build retirement and protection plans that are both secure and cost-efficient.
