This paper presents new evidence on the expected present discounted value (EPDV) of payouts from individual life annuities, specifically single premium immediate life annuities. These annuities provide a nominal level sum as long as the purchaser lives, in exchange for an initial lump-sum premium. The study finds that individual annuities are currently priced such that retirees without bequest motives should find these policies valuable for smoothing retirement consumption. The EPDV of payouts relative to the initial cost of the annuity has increased over the last decade, suggesting a decline in effective transaction costs. The analysis uses a sophisticated algorithm to value annuities, considering a wider range of ages, joint-and-survivor annuities, a term structure of interest rates, and specialized federal tax treatment. The findings have implications for policy debates on individual choice and self-reliance in retirement planning.This paper presents new evidence on the expected present discounted value (EPDV) of payouts from individual life annuities, specifically single premium immediate life annuities. These annuities provide a nominal level sum as long as the purchaser lives, in exchange for an initial lump-sum premium. The study finds that individual annuities are currently priced such that retirees without bequest motives should find these policies valuable for smoothing retirement consumption. The EPDV of payouts relative to the initial cost of the annuity has increased over the last decade, suggesting a decline in effective transaction costs. The analysis uses a sophisticated algorithm to value annuities, considering a wider range of ages, joint-and-survivor annuities, a term structure of interest rates, and specialized federal tax treatment. The findings have implications for policy debates on individual choice and self-reliance in retirement planning.