How will you pay yourself when you’re no longer working? Creating a dependable income in retirement begins with understanding where your money will come from and how to optimize the assets you may already own to provide a tax-efficient income stream that you can’t outlive.
Creating income for life
How to make the most of what you already own
Creating your retirement paycheck
Income in retirement is used to pay for your:
What is lifetime income?
“When we talk about lifetime income, we’re talking about structuring a dependable income stream that you can’t outlive using your various income-generating assets in retirement,” said TIAA Chief Planning Strategist Dan Keady, CFP®.
Why ‘income proof’ your portfolio
What is an annuity?
Is an annuity right for you?
For those concerned about market risk, fixed annuities offer steady, reliable income regardless of market performance. That makes fixed annuities an appropriate choice for many people seeking to build an income floor to help cover their essential expenses in retirement.
Variable annuities, on the other hand, are designed to help capture market gains, which can help you keep pace with inflation. While they can play a role as part of a diversified income stream in retirement, they are generally not recommended as part of an income floor. Since returns will rise and fall with the market, variable annuities won't provide a guaranteed amount of income.
Know what you already own
Next step to creating income for life
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Any guarantees under annuities issued by TIAA are subject to TIAA’s claims-paying ability.
Annuity account options are available through contracts issued by TIAA or CREF. These contracts are designed for retirement or other long-term goals, and offer a variety of income options, including lifetime income. Payments from the variable annuity accounts are not guaranteed and will rise or fall based on investment performance.
This material is for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.
Please consult your financial or tax professional before taking any action.
Advisory services are provided by Advice & Planning Services, a division of TIAA-CREF Individual & Institutional Services, LLC, a registered investment adviser.