A couple asking about annuities is usually asking one question in two parts: what will this pay us each month, and what happens to the check when one of us is gone. From our rate tables as of : $100,000 in a joint life annuity buys a 65-year-old couple up to $608 a month for as long as either of them lives, from the best of 8 A-rated carriers, with the full amount continuing to the survivor. That is about $85 a month less than the same money pays a single 65-year-old man. Below: the figures from 55 to 80, what the survivor keeps, how taxes and Social Security fit around the contract, and what a couple needs ready to get quoted.
What a Joint Annuity Is
A joint life single premium immediate annuity is one contract, one premium and one check a month, priced on two birth dates. The insurer pays for as long as either spouse is alive. At the first death the check either continues unchanged (100% to the survivor) or steps down to a share chosen at purchase (75% or 50%). At the second death the income stops, unless a period certain is still running or the couple added a refund feature.
Couples usually weigh it against two alternatives. Two single-life contracts, one on each spouse, pay more in total while both are alive, but each check dies with its owner, so the survivor is left with one. A single-life annuity on the higher earner plus life insurance to replace it can also work, but it means paying insurance premiums out of the annuity income for years and passing a medical exam at an age when that is not always easy. The joint contract does the job in one piece.
Most SPIA carriers quote "joint and survivor," where any reduction happens at the first death whichever spouse it is. Pension plans call theirs a qualified joint and survivor annuity, but it works like what insurers call joint and contingent: only the participant's death triggers the reduction. At 100% the two are identical. Below 100%, check which form is on the illustration.
What $100,000 Pays a Couple in October 2026
The table shows the best and lowest 100% joint figure in our October 2026 tables at each age we publish, both spouses the same age, next to the best single-life figure for a man and for a woman. All figures are per $100,000 with a 5-year period certain and income starting one month after purchase. The last column says how the joint figure was built.
| Both spouses age | Best joint / mo | Lowest joint / mo | Best carrier (joint) | Best single man / mo | Best single woman / mo | Joint figure built |
|---|---|---|---|---|---|---|
| 55 | $572 | $435 | New York Life | $616 | $602 | From carrier ratios, repriced |
| 60 | $585 | $448 | New York Life | $649 | $634 | From carrier ratios, repriced |
| 65 | $608 | $492 | New York Life | $693 | $658 | From carrier ratios, calibrated to a joint quote |
| 70 | $659 | $553 | New York Life | $767 | $724 | From carrier ratios, calibrated to a joint quote |
| 75 | $731 | $640 | New York Life | $893 | $839 | From carrier ratios, repriced |
| 80 | $847 | $750 | Western & Southern | $1,046 | $986 | From carrier ratios, repriced |
Source: LifeAnnuities.us quote surveys run for real clients. The figures start from quotes our agent runs for real clients, not advertised rates or illustrations. For the base tables we received 54 survey runs covering 30 client scenarios, prepared July 14 to September 14, 2026, and used 52 of them for pricing (2 runs used annual payments and were left out of pricing). 17 carriers were quoted. On we checked the tables against 7 new survey runs (4 client scenarios, prepared September 18 to 29, 2026). 11 runs were received and 4 were not used (4 runs were for a 41-year-old, well below our table ages; two of them were at $5,000,000). We repriced 1 of the 8 carriers we publish (Athene, up about 1.8%) and held the other 7 at their earlier figures. A repriced carrier has its whole table moved by its own measured change on quotes for the same age and sex. New York Life: readings were mixed, so we held its figures until the next round. Two direct comparisons with mid-September quotes came in 0.7% and 1.6% higher once premium size is allowed for. A third, measured through August, came in 0.6% lower. How each figure is built. Men: 60, 65 and 80 read at surveyed ages; 55, 70 and 75 interpolated between surveyed ages. Women: all ages derived by ratio. Joint: 55, 60, 75 and 80 derived by ratio; 65 and 70 calibrated to a direct same-age joint quote. None of the figures in our tables is a direct quote from the latest survey round. They are built from earlier rounds (read at surveyed ages, interpolated or derived from carrier ratios) and checked carrier by carrier against the latest one. Joint figures at ages 65 and 70 are calibrated to a direct joint quote (same-age joint quote, both spouses 66, 100% to the survivor, 5-year period certain, prepared September 18, 2026). That corrects an estimate. It is not a market move. Basis: single life or joint (100% to survivor), 5-year period certain, income starting next month, per $100,000. Full method and known limits. Free to cite with attribution to LifeAnnuities.us.
Best and lowest of 8 A-rated carriers, joint life with 100% to the survivor and both spouses the same age, or single life, each with a 5-year period certain, per $100,000, October 2026. How the joint cells are built: From carrier ratios, repriced (ages 55, 60, 75 and 80) means derived from each carrier's own ratio to its men's quote at surveyed ages, then repriced; From carrier ratios, calibrated to a joint quote (ages 65 and 70) means derived by ratio, then calibrated to a direct same-age joint quote (both spouses 66) from the latest round. Carrier-by-carrier figures are on the joint annuity rates page, the male and female tables, and the age 65 page.
The best joint figure comes from New York Life at ages 55, 60, 65, 70 and 75 and Western & Southern at age 80. The gap between the best and the lowest joint figure narrows with age: the best carrier pays 31% more than the lowest at 55 and 13% more at 80. Either way it is larger than most couples expect from companies that all carry an A rating or better.
None of the figures in our tables is a direct quote from the latest survey round. They are built from earlier rounds (read at surveyed ages, interpolated or derived from carrier ratios) and checked carrier by carrier against the latest one. Joint figures at ages 65 and 70 are calibrated to a direct joint quote (same-age joint quote, both spouses 66, 100% to the survivor, 5-year period certain, prepared September 18, 2026). That corrects an estimate. It is not a market move. The tables rest on 65 survey runs since July 14, 2026, 59 of them used for pricing, the latest prepared September 18 to 29, 2026 with 17 carriers quoted. See how we build these figures.
What the Second Life Costs
The second life costs less than it sounds, because the insurer is pricing the odds that both of you die early, and those odds are small. At 65 the best 100% joint figure of $608 is about $85 a month below the $693 a single man gets and about $50 below the $658 a single woman gets. A 65-year-old couple keeps 88% of a single man's payout and buys a lifetime guarantee on the second spouse with the rest.
| Both spouses age | Best joint | Gap to best single man | Gap to best single woman | Joint as % of single man |
|---|---|---|---|---|
| 55 | $572 | $44 | $30 | 93% |
| 60 | $585 | $64 | $49 | 90% |
| 65 | $608 | $85 | $50 | 88% |
| 70 | $659 | $108 | $65 | 86% |
| 75 | $731 | $162 | $108 | 82% |
| 80 | $847 | $199 | $139 | 81% |
Same basis as the table above, October 2026. The gap is the best single-life figure at that age minus the best joint figure; the two may come from different carriers.
Read down the table and the gap widens with age, in dollars and in percent. At 55 the second life costs about $44 a month against a man; at 80 about $199. At 55 both spouses have long expected lifetimes that overlap almost completely, so the second life adds little to the expected payout period. At 80 a single life is expected to be short, while the chance that at least one of two 80-year-olds is alive ten years on is much higher, so the second life adds proportionally more years of payments.
What the Survivor Keeps
The survivor percentage is the share of the check that continues after the first death. At 65, with $608 as the 100% figure from our tables, the three choices look like this. The 75% and 50% figures are modeled from the 100% figure using published survivor-level pricing, not read from a quote.
100% to the survivor. The check is $608 while both are alive and $608 after the first death. Nothing changes but the name on the deposit. This is the option we usually recommend, because the household loses a Social Security check at the first death while the mortgage, property tax and insurance stay the same.
75% to the survivor. The starting check rises to about $644 (modeled, roughly 6% above the 100% figure) and the survivor's check falls to about $483: $36 more a month now for about $125 less a month for the survivor, for life.
50% to the survivor. The starting check rises to about $681 (modeled, roughly 12% above 100%) and the survivor keeps about $341. A 50% either-death contract is in effect half a single-life annuity on each spouse. It fits a couple where the survivor already has a pension or income of their own.
The full arithmetic, with a worked example that sizes the survivor percentage from fixed costs and Social Security, is in our 100% vs 75% vs 50% guide. The payout options guide compares the joint contract with life only, period certain and cash refund.
Age-Gap Couples: Whose Age Drives the Quote
Our published joint tables assume both spouses are the same age. Real couples usually are not. A 100% joint contract is priced on the expected time until the second death, so the younger spouse's age matters most: a younger wife or husband stretches the expected payout period and pulls the check down, while an older spouse pushes it up. Equitable's guaranteed 100% joint and survivor purchase-rate grid in an SEC exhibit pays a 65-year-old with a 60-year-old spouse about 4% less than a 65/65 couple, and a 70-year-old with a 60-year-old spouse about 10% less than 70/70. Our own age-gap quotes show a slightly larger swing than that guaranteed grid, so figure roughly 4 to 6% of the joint payout per five years of age difference at ages 60 to 75, in whichever direction the gap runs.
So a couple with a 10-year gap should read the table row nearest the younger spouse's age. Carrier issue-age limits apply to each annuitant too, so the older spouse's age decides which carriers can quote at all. Our age limits guide covers the age-gap case, and the survivor guide shows real age-gap quotes from our surveys.
Scaling to Real Money
The table is per $100,000 because that is the standard basis for comparing carriers. Here is the 65-year-old couple's best figure scaled to two common premium sizes. These are derived by multiplying the $100,000 figure, not quoted; at larger premiums some carriers pay a fraction of a percent more, and the live quote will show it.
| Premium | Monthly, 100% to survivor (about) | Yearly (about) |
|---|---|---|
| $100,000 | $608 | $7,296 |
| $250,000 | ~$1,520 | ~$18,240 |
| $500,000 | ~$3,040 | ~$36,480 |
Derived from the best 65/65 joint figure in our October 2026 tables; both spouses 65, 100% to the survivor, 5-year period certain. Scaled figures are about, never quoted.
For a couple placing $250,000, that is about $1,520 a month that arrives whichever of you is alive, on top of Social Security. The $250,000 and $500,000 pages show the single-life side.
Taxes for Couples
After-tax money: the exclusion ratio on two lives. If the premium comes from savings, a CD or a brokerage account, part of each payment is a tax-free return of premium and the rest is taxable interest. The split is the exclusion ratio: premium divided by the total you are expected to receive. For a joint and survivor contract, IRS Publication 939 figures that expected return on your combined life expectancies, with a multiple from its Table VI for the two ages (its own example uses 22.0 years for spouses aged 67 and 70). The joint expectancy is longer than either single life, so the tax-free share of each check is a little smaller than on a single-life contract, but it keeps applying to the survivor's payments. See how annuities are taxed and the exclusion ratio calculator.
IRA money. An IRA has one owner, so the IRA holder buys the contract and names the spouse as joint annuitant. Every payment is ordinary income and satisfies the required minimum distribution for that contract. Treasury Regulation 1.401(a)(9)-6 allows the survivor payment to a spouse to be the full 100%. IRA money that was not annuitized passes under the usual rules: IRS Publication 590-B lets a spouse who inherits a traditional IRA treat it as their own, roll it over, or stay a beneficiary. Our IRA money guide covers the mechanics.
401(k) money and spousal consent. The Department of Labor's booklet What You Should Know About Your Retirement Plan sets out the spouse's protections. In a defined benefit or money purchase plan the default payout is a qualified joint and survivor annuity with at least half continuing to the spouse, and waiving it takes the spouse's written consent, witnessed by a notary or plan representative. In most 401(k) plans the account goes to the surviving spouse at death unless the spouse signs a witnessed waiver. If the premium will come out of a 401(k), ask the plan administrator before the rollover whether a spousal signature is needed, so the money is not held up at the last step.
Next to Social Security. The Social Security Administration's survivor benefits page is plain: a survivor eligible for both a survivor benefit and their own retirement benefit chooses one, can switch to the other later, and "the payments won't be added together." A surviving spouse can claim from 60 at 71.5% of the deceased spouse's benefit, rising to 100% at the survivor's full retirement age. At the first death the household goes from two Social Security checks to one. A 100% joint annuity is the piece of income that does not shrink at that moment. See annuity vs Social Security.
What Happens at the First Death and at the Second
At the first death. The survivor sends the carrier a death certificate and, on a 100% contract, the payments continue in their name for life. On a 75% or 50% contract, the check steps down to the elected share. The exclusion ratio, if there is one, carries on at the same percentage.
At the second death. The lifetime income ends. What goes to the heirs depends on the overlay chosen at purchase:
- Period certain. Every figure on this page includes a 5-year period certain: if both spouses die within the first 60 months, the beneficiary collects the remaining payments in that window. On a joint contract this costs very little, because both lives have to end early for it to pay. A 10-year or 20-year certain costs a little more at 65 and noticeably more at 75 and up.
- Cash or installment refund. If the total paid out over both lives is less than the premium, the difference goes to the beneficiary, as a lump sum or as continued payments. It costs a few percent of the monthly check.
- Nothing. A joint life-only contract pays the most per month and leaves nothing at the second death.
The spouses are the two annuitants; the beneficiary, named on the application, is whoever receives any period-certain or refund balance after both are gone, usually the children or a trust.
How Couples Get Quoted
A joint quote needs a few more inputs than a single-life quote:
- Both dates of birth and both sexes. Carriers price to the month, so a whole-year table age is only an approximation.
- State of residence, because a handful of states charge a premium tax on after-tax (non-qualified) money and the carrier deducts it before quoting.
- The premium, and whether it is IRA or 401(k) money (one owner, the other spouse as joint annuitant) or after-tax savings (either spouse or both can own it).
- The survivor shares to compare. We run 100%, 75% and 50% side by side so the trade shows in dollars.
- The period certain or refund feature, if any. Five years is the standard basis.
- When the first payment should land. One month out is standard.
Phil runs one survey through the quoting platform licensed agents use. It returns every participating carrier's price for that exact contract on the same day, and he sends back a dated, ranked list. Both spouses should be on the call. The survivor percentage is a decision about the spouse who will be alone with it, and "what if I go first" is easier to settle when both of you hear the same answer at the same time. The quote comparison guide lists what to hold constant across carriers.
Questions People Ask About Annuities for Couples
How does an annuity for a married couple work?
A couple buys one joint life immediate annuity with one premium. The insurer prices it on both birth dates and pays one check a month for as long as either spouse is alive. With 100% to the survivor the check never changes at the first death; with 75% or 50% it steps down. Income ends at the second death, apart from any period certain or refund feature the couple adds.
What does a joint annuity pay per month on $100,000 at 65?
In our October 2026 rate tables, $100,000 buys a 65-year-old couple (both spouses 65, 100% to the survivor, 5-year period certain) up to $608 a month from the best of the 8 A-rated carriers we publish, and $492 from the lowest. That figure is built from carrier quotes rather than read from one (the note under the table explains how), so treat it as a starting point. Your own two birth dates and state will move the number.
How much less does a joint annuity pay than a single-life annuity?
At 65 in our October 2026 tables the best 100% joint figure is $608 per $100,000 against $693 for a single man and $658 for a single woman, so covering the second life costs about $85 a month measured against the man and about $50 against the woman. The gap grows with age: at 70 it is about $108 against a man, at 80 about $199.
What happens to a joint annuity when one spouse dies?
On a 100% joint and survivor contract nothing changes: the same check keeps arriving to the surviving spouse for life. On a 75% or 50% contract the check steps down to that share after the first death. The survivor should notify the carrier, and the exclusion ratio set at purchase keeps applying to each payment. Payments stop at the second death unless a period certain is still running or a refund feature applies.
Is it better for a couple to buy one joint annuity or two single-life annuities?
It depends on what the survivor needs. Two single-life contracts on $50,000 each pay about $676 a month at 65 in our October 2026 tables (half of $693 plus half of $658), more than the $608 joint figure while both are alive, but the survivor keeps only their own half. A 100% joint contract pays less now and the full $608 to whoever lives longer. Couples whose survivor would be short on income usually want the joint contract.
Can we buy a joint annuity with IRA money?
Yes. An IRA owner can buy a joint life immediate annuity inside the IRA and name a spouse as joint annuitant with 100% to the survivor; Treasury Regulation 1.401(a)(9)-6 allows the full 100% when the joint annuitant is the spouse. The payments count toward required minimum distributions for that contract and are taxed as ordinary income. An IRA has a single owner, so the spouse whose IRA funds the contract is the owner and the other spouse is the joint annuitant. If each of you has an IRA, each can buy a joint contract naming the other.
Bottom Line
In our October 2026 tables a 65-year-old couple turns $100,000 into up to $608 a month for as long as either of them lives, giving up about $85 a month against a single man's figure to do it. Scaled to $250,000 that is about $1,520 a month that keeps arriving after the first death, when one Social Security check stops and the fixed costs do not. For most couples 100% to the survivor is the right default. The spread between carriers on the same joint contract is often larger than the difference between survivor levels, so get every carrier's price on your two birth dates before choosing either.
Request a free couple's quote with both of your birth dates and Phil will send back 100%, 75% and 50% side by side from every carrier that quotes your ages, not just the 8 we publish. To size the premium first, the annuity calculator takes any amount, the joint annuity rates page shows every published carrier at every age, and Phil's weekly webinar is where couples ask the hard questions out loud.
