What is TIAA Traditional Annuity?
As a current or former employee of a non-profit or governmental organization, you (and members of your immediate family), have exclusive access to TIAA Traditional Annuity either through your employer's retirement plan and/or through a TIAA IRA. TIAA Traditional is a guaranteed annuity issued by Teachers Insurance and Annuity Association of America (TIAA) that is designed to be a core component of a diversified retirement savings portfolio. It has helped prepare millions of people like you with a solid foundation for retirement.
Contributing to it gives you the peace of mind and certainty that you will have a “salary” in retirement that can help cover your basic, everyday living expenses without worrying about outliving your income. In up and down markets, TIAA Traditional preserves the value of your savings. In fact, your balance will grow every day – guaranteed.1
Our unique approach, consistent with TIAA’s overall mission, may reward you with additional amounts of lifetime income the longer you have contributed to TIAA Traditional. You have the flexibility to choose when and how much to convert to lifetime income so you can be certain you (and a spouse or partner you may choose to include) will have income you cannot outlive – a choice that only an annuity can provide. Of course, you don’t have to convert all of your TIAA Traditional savings to lifetime income, but if you can cover your basic living expenses with a TIAA Traditional Annuity you’ll be able to use your other income sources for discretionary purposes.
Keep in mind that an annuity is an insurance contract that provides guarantees. Like all insurance products, the ability to satisfy guarantees is subject to what’s referred to as the “claims-paying ability” of the insurance company that issues the contract. As such, TIAA Traditional’s guarantees are subject to TIAA’s claims-paying ability and additional amounts of interest or lifetime income, when declared, are not guaranteed for periods other than the period for which it is declared.1,2