TIAA TIAA

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Your money. Your future. Your options.

Review your options then call us if you have any questions.
844-TIAA-IRA
(844-842-2472)

Weekdays, 8 a.m. – 7 p.m. (ET)
Choices
 
Leave your money in your former employer’s plan
Potential Advantages
 
  • You can keep your money growing tax-deferred.
  • You may be able to get loans or hardship withdrawals.
Potential Disadvantages
 
  • There may be a limited number of investment options.
  • Managing your assets across multiple plans or accounts could be difficult.
Choices
 
Move your money into your new employer’s plan
Potential Advantages
 
  • Your new plan may allow for a loan or hardship withdrawal.
  • There is no income tax or penalties with a direct rollover.
Potential Disadvantages
 
  • Your new employer’s plan may not accept rollovers.
  • Your withdrawal options may be limited.
 
Choices
 
Rollover your money into an IRA
Potential Advantages
 
  • The type of IRA you choose may mean there is no income taxes or penalties.
  • There may be a broader range of investment options.
  • Consolidating money into one IRA can give you a clear picture of retirement assets.
Potential Disadvantages
 
  • You cannot take a loan from an IRA.
  • Some IRA investments may include trading expenses, such as commissions and fees.
  • There are no penalty-free withdrawals prior to age 59½, though there are some exceptions.
Choices
 
Withdraw your money in cash
Potential Advantages
 
  • You get immediate access to your cash. If you withdraw after age 55, it may be penalty-free.
 
 
 
 
Potential Disadvantages
 
  • Twenty percent federal income tax will apply; state taxes may also apply.
  • There’s a potential 10% early withdrawal penalty, if you are under age 59½.
  • You could potentially lose tax-deferred, long-term growth.
Detailed Information