Savings Growth and Lifetime Income in Retirement - Guaranteed

SPEAKER 0 [0:06 - 0:14] As you consider your personal financial
plan, you're not alone in wanting to live life in retirement on your own terms, while making sure you don't run out of money.

SPEAKER 0 [0:15 - 0:21] Nearly 75% of American workers say they
want their retirement savings to give them income for life.

SPEAKER 0 [0:22 - 0:25] A new option in your retirement plan
helps you get there.

SPEAKER 0 [0:25 - 0:32] The TIAA Secure Income Account can help grow a portion of your savings and then pay you income for life in retirement.

SPEAKER 0 [0:32 - 0:34] In fact, it's guaranteed.

SPEAKER 0 [0:35 - 0:41] Your plan's default investment option
allocates a portion of your money to the TIAA secure income account.

SPEAKER 0 [0:42 - 0:46] The account grows your balance with
guaranteed interest declared in advance.

SPEAKER 0 [0:46 - 0:52] These interest rates will always be
more than or the same as the guaranteed minimum interest rates.

SPEAKER 0 [0:52 - 0:56] This happens every day and even in the
most volatile markets.

SPEAKER 0 [0:57 - 1:02] This feature preserves the value of
your savings and the interest TIAA has already paid you.

SPEAKER 0 [1:03 - 1:11] Then when you stop working, you can
convert some or all of your savings to retirement income for life, for yourself and a loved one if you choose.

SPEAKER 0 [1:11 - 1:14] It's like receiving a check for life in
retirement.

SPEAKER 0 [1:15 - 1:22] The amount you receive from the TIAA
secure income account may even be more than you might get from a typical withdrawal strategy.

SPEAKER 0 [1:22 - 1:24] And we try to give back even more.

SPEAKER 0 [1:25 - 1:31] Our distinctive sharing the profits
approach can reward you with more lifetime income the longer you contribute.

SPEAKER 0 [1:31 - 1:33] Think of it as an exclusive benefit.

SPEAKER 0 [1:34 - 1:41] So contributing earlier can mean higher
payouts, and you may see your income increase periodically after your payments begin.

SPEAKER 0 [1:42 - 1:47] Keep in mind that additional amounts
may be awarded each year and are not guaranteed for future years.

SPEAKER 0 [1:48 - 1:53] Let's look at how you can make the most
of your retirement savings with the TIAA Secure Income Account.

SPEAKER 0 [1:54 - 1:56] Here's an example using a simple
scenario.

SPEAKER 0 [1:56 - 1:59] Let's assume you saved $500,000 for
retirement.

SPEAKER 0 [2:00 - 2:06] Using a typical 4% systematic
withdrawal approach, you can pay yourself $20,000 a year.

SPEAKER 0 [2:06 - 2:10] However, with this option, payments
will stop when your money runs out.

SPEAKER 0 [2:11 - 2:14] Now let's look at the same $500,000 a
different way.

SPEAKER 0 [2:15 - 2:21] Use $333,000 for lifetime income from
the TIAA secure income account.

SPEAKER 0 [2:21 - 2:27] Let's assume a payout of 6% or more,
which similar TIAA annuities may guarantee.

SPEAKER 0 [2:28 - 2:32] You'll still receive $20,000 a year,
but those payments won't stop.

SPEAKER 0 [2:32 - 2:41] You'll get them for life, regardless of market fluctuations, and you can choose from several options to provide income to your loved ones after you pass.

SPEAKER 0 [2:42 - 2:52] Plus, you'll have the remaining
$167,000 to withdraw at your own pace, save for emergencies, buy something special, or maybe help pay your grandchild's education.

SPEAKER 0 [2:53 - 2:57] As you can see, it's important to
consider which option is best for your situation.

SPEAKER 0 [2:58 - 3:07] Electing to receive lifetime income
from an annuity can give you the dependability of knowing you won't outlive your lifetime income or risk running out of money.

SPEAKER 0 [3:08 - 3:14] Talk with your HR representative or
plan provider to learn more about the TIAA Secure Income account.

SPEAKER 0 [3:15- 3:26] Having a portion of your savings guaranteed to grow and pay you income for life in retirement can help you be more secure about your financial future and help you retire on your terms.