{"model":"annuity-payout","specVersion":"1.0.0","specUrl":"/api/v1/models/annuity-payout/spec","inputs":{"purchaseAge":{"kind":"int","min":50,"max":90},"sex":{"kind":"choice","values":["male","female"]},"premium":{"kind":"float","min":10000,"max":5000000},"annualDiscountRate":{"kind":"float","min":0,"max":0.08}},"arrayInputs":{},"constraints":["The actuarially FAIR payout under SSA population mortality — real quotes are lower (insurer loads + annuitant self-selection; spec exclusions). Annual payment mode; monthly figure is annual/12 by convention."],"sentinels":[],"facts":[{"id":"ssa.life-table.male.e0.2023","label":"Life expectancy at birth, male (SSA Period Life Table 2023)","value":75.79,"period":"2023 period table (2026 Trustees Report)","source":"SSA OACT Actuarial Life Table (Period Life Table 2023)"},{"id":"ssa.life-table.female.e0.2023","label":"Life expectancy at birth, female (SSA Period Life Table 2023)","value":81.06,"period":"2023 period table (2026 Trustees Report)","source":"SSA OACT Actuarial Life Table (Period Life Table 2023)"},{"id":"ssa.life-table.male.ex-at-65.2023","label":"Remaining life expectancy at 65, male (SSA Period Life Table 2023)","value":18.12,"period":"2023 period table (2026 Trustees Report)","source":"SSA OACT Actuarial Life Table (Period Life Table 2023)"},{"id":"ssa.life-table.female.ex-at-65.2023","label":"Remaining life expectancy at 65, female (SSA Period Life Table 2023)","value":20.66,"period":"2023 period table (2026 Trustees Report)","source":"SSA OACT Actuarial Life Table (Period Life Table 2023)"}],"disclaimer":"Illustrative planning model, not financial advice. Outputs follow the published model spec exactly; read the spec for assumptions and exclusions before relying on any number."}