Compare single-life vs joint-life annuity payouts and see how life insurance could fill the gap for your surviving spouse
If you have a pension or retirement account (e.g., TIAA-CREF, state or public retirement systems, teacher plans) that can be converted to an annuity, you often face a choice: single-life (higher monthly benefit, ends when you die) or joint-life (lower monthly benefit, continues to your survivor). The joint-life option typically reduces your monthly payment by 14–18% because it must fund payments for two lives. This calculator shows you the dollar cost of that reduction over your expected retirement years—and how life insurance could help fill the gap for your survivor with tax-free benefits.
Tip: Get your exact single-life and joint-life amounts from your plan provider (TIAA, state retirement system, etc.) or their online estimator, then enter them here.