• The estimate equals the annual benefit multiplied by the applicable guaranteed-income multiple.
• For ages or deferral periods between the table's five-year points, the calculator uses linear interpolation.
• The source analysis used mortality-weighted present values, the Society of Actuaries 2012 Individual Annuity Reserving mortality table, and the Treasury yield curve available to the researchers.
• The couple category assumes a male/female couple of the same age with a 100% survivor continuation benefit.
• This is not the plan's lump-sum offer, cash-out value, market price, or a personalized actuarial valuation.
• The estimate does not adjust for taxes, plan solvency, early-retirement reductions, survivor-benefit reductions, guarantee periods, COLA caps, health status, or differences in life expectancy.
• The table was published in 2018 and reflects the study's assumptions. Interest rates, mortality assumptions, and annuity pricing change over time.

Source: Blanchett DM, Finke M. Annuitized Income and Optimal Equity Allocation. Journal of Financial Planning. November 2018.