Minnesota Immediate Annuity (SPIA) Rates & Tax Guide
Minnesota taxes most retirement income, but its guaranty association protects annuities in payout status up to $410,000 — among the highest limits in the nation. With roughly 980,000 residents age 65 and older, Minnesota is an active market for guaranteed lifetime income.
Key Facts for Minnesota Annuity Buyers
Tax Treatment of Annuity Income in Minnesota
Minnesota taxes annuity income as ordinary income, with only a partial Social Security subtraction for lower incomes. Guaranty coverage rises to $410,000 for annuities in payout status. Federal taxes still apply, but there is no premium tax on annuity purchases in Minnesota.
Remember that federal taxes still apply regardless of your state. For non-qualified annuities, only the earnings portion is taxed (the "exclusion ratio" shelters your original investment). For qualified annuities funded with pre-tax money, 100% of each payment is taxable at the federal level. Read our complete tax guide for details.
Is Your Annuity Protected in Minnesota?
Annuity guarantees are backed first by the issuing insurance company, which is why we only publish carriers rated A or better by AM Best. Behind that stands Minnesota's life and health insurance guaranty association, a state-mandated safety net funded by insurers doing business in the state.
If an insurer licensed in Minnesota were ever to fail, the guaranty association protects annuity benefits up to $250,000 in present value per contract owner, per insurance company.
Planning to invest more than $250,000? The standard approach is to split your premium across two or more highly rated carriers so each contract stays fully within the guaranty limit. Because we quote 8 A-rated carriers side by side, structuring a multi-carrier purchase is straightforward — and often captures the best rate at each company. See how this works for larger amounts in our guide to $500,000 annuity payouts.
Buying a SPIA in Minnesota: What to Know
- Free-look period. Minnesota law gives you a free-look window (at least 10 days, longer for some buyers) after receiving a new annuity contract, during which you can cancel for a full refund.
- Licensed agents only. Annuities in Minnesota must be sold by an insurance professional licensed in the state, and recommendations must meet best-interest / suitability standards.
- Our rate tables are not state-specific. The figures in our rate tables pool quotes run for clients in many states, so read them as a guide for Minnesota, not as a Minnesota quote. Your own quote is run for your state. The after-tax income you keep depends on Minnesota tax rules.
- Quotes lock for 7–14 days. Rates reprice frequently — compare all carriers in one sitting, then lock the best one. Start with our SPIA guide or go straight to a free Minnesota quote.
Male SPIA Rates in Minnesota
Monthly income from a $100,000 SPIA for men, from our national rate tables. The tables are not specific to Minnesota. Your own quote is run for your state.
Male Monthly Income Rates
Updated| Carrier | Rating | Age 55 | Age 60 | Age 65 | Age 70 | Age 75 | Age 80 |
|---|---|---|---|---|---|---|---|
| New York Life | A++ | $616/mo | $649/mo | $693/mo | $767/mo | $893/mo | $1,046/mo |
| Nationwide | A+ | $577/mo | $609/mo | $669/mo | $751/mo | $873/mo | $1,041/mo |
| Western & Southern | A+ | $587/mo | $625/mo | $676/mo | $737/mo | $852/mo | $1,013/mo |
| Athene | A+ | $590/mo | $634/mo | $688/mo | $763/mo | $872/mo | $1,037/mo |
| Penn Mutual | A+ | $571/mo | $604/mo | $664/mo | $732/mo | $836/mo | $960/mo |
| Pacific Life | A+ | $539/mo | $578/mo | $629/mo | $706/mo | $830/mo | $998/mo |
| Mutual of Omaha | A+ | $530/mo | $545/mo | $601/mo | $677/mo | $795/mo | $942/mo |
| Lincoln Financial | A | $492/mo | $515/mo | $573/mo | $654/mo | $769/mo | $926/mo |
Source: LifeAnnuities.us quote surveys run for real clients. 54 base survey runs received and 52 used for pricing (July 14 to September 14, 2026), checked against 7 new survey runs (September 18 to 29, 2026): 1 of 8 published carriers repriced, 7 held. Joint figures at ages 65 and 70 are calibrated to a direct same-age joint quote. Single life or joint (100% to survivor), 5-year period certain, per $100,000. How we build these figures.
How this table was built. Ages 60, 65 and 80: read at a surveyed age in an earlier round, then repriced. Ages 55, 70 and 75: interpolated between surveyed ages in an earlier round, then repriced. Your exact figure depends on your age, state, premium and payout option: request a personalized quote.
Female SPIA Rates in Minnesota
Monthly income from a $100,000 SPIA for women. Women receive lower monthly payments but benefit from longer total income periods.
Female Monthly Income Rates
Updated| Carrier | Rating | Age 55 | Age 60 | Age 65 | Age 70 | Age 75 | Age 80 |
|---|---|---|---|---|---|---|---|
| New York Life | A++ | $602/mo | $634/mo | $658/mo | $724/mo | $839/mo | $986/mo |
| Nationwide | A+ | $553/mo | $584/mo | $632/mo | $697/mo | $804/mo | $962/mo |
| Western & Southern | A+ | $581/mo | $618/mo | $644/mo | $706/mo | $810/mo | $966/mo |
| Athene | A+ | $564/mo | $605/mo | $648/mo | $705/mo | $800/mo | $956/mo |
| Penn Mutual | A+ | $563/mo | $595/mo | $631/mo | $698/mo | $794/mo | $914/mo |
| Pacific Life | A+ | $529/mo | $568/mo | $600/mo | $671/mo | $784/mo | $946/mo |
| Mutual of Omaha | A+ | $515/mo | $530/mo | $570/mo | $636/mo | $743/mo | $883/mo |
| Lincoln Financial | A | $472/mo | $493/mo | $541/mo | $607/mo | $709/mo | $856/mo |
Source: LifeAnnuities.us quote surveys run for real clients. 54 base survey runs received and 52 used for pricing (July 14 to September 14, 2026), checked against 7 new survey runs (September 18 to 29, 2026): 1 of 8 published carriers repriced, 7 held. Joint figures at ages 65 and 70 are calibrated to a direct same-age joint quote. Single life or joint (100% to survivor), 5-year period certain, per $100,000. How we build these figures.
How this table was built. All women's figures: derived from each carrier's own ratio to its men's quote at surveyed ages, then repriced. Your exact figure depends on your age, state, premium and payout option: request a personalized quote.
Joint SPIA Rates in Minnesota
Monthly income for couples with 100% survivor benefit. The lower monthly amount covers both spouses for life.
Joint (Couple) Monthly Income Rates
Updated| Carrier | Rating | Age 55 | Age 60 | Age 65 | Age 70 | Age 75 | Age 80 |
|---|---|---|---|---|---|---|---|
| New York Life | A++ | $572/mo | $585/mo | $608/mo | $659/mo | $731/mo | $829/mo |
| Nationwide | A+ | $521/mo | $538/mo | $578/mo | $634/mo | $719/mo | $836/mo |
| Western & Southern | A+ | $551/mo | $574/mo | $594/mo | $647/mo | $730/mo | $847/mo |
| Athene | A+ | $533/mo | $561/mo | $595/mo | $645/mo | $718/mo | $835/mo |
| Penn Mutual | A+ | $520/mo | $543/mo | $581/mo | $645/mo | $722/mo | $815/mo |
| Pacific Life | A+ | $494/mo | $516/mo | $543/mo | $601/mo | $680/mo | $795/mo |
| Mutual of Omaha | A+ | $472/mo | $476/mo | $516/mo | $573/mo | $648/mo | $750/mo |
| Lincoln Financial | A | $435/mo | $448/mo | $492/mo | $553/mo | $640/mo | $760/mo |
Source: LifeAnnuities.us quote surveys run for real clients. 54 base survey runs received and 52 used for pricing (July 14 to September 14, 2026), checked against 7 new survey runs (September 18 to 29, 2026): 1 of 8 published carriers repriced, 7 held. Joint figures at ages 65 and 70 are calibrated to a direct same-age joint quote. Single life or joint (100% to survivor), 5-year period certain, per $100,000. How we build these figures.
How this table was built. Ages 55, 60, 75 and 80: derived from each carrier's own ratio to its men's quote at surveyed ages, then repriced. Ages 65 and 70: derived by ratio, then calibrated to a direct same-age joint quote (both spouses 66) from the latest round. Your exact figure depends on your age, state, premium and payout option: request a personalized quote.
Popular Retirement Cities in Minnesota
Annuity buyers in Minnesota are concentrated in the state's largest metro areas:
- Minneapolis, MN
- St. Paul, MN
- Rochester, MN
- Duluth, MN
- Bloomington, MN
No matter where you live in Minnesota, you can compare rates from national carriers. Annuity rates are determined by the insurance company, not your location — but your state's tax treatment affects how much you keep.
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