Step 4: Learn how to create a plan that includes income you can’t outlive
It starts with a solid foundation
67% of Americans say having a guarantee of monthly
An annuity can be a cornerstone of retirement
View From the Top
My image in retiring was I want to retire in the woods and I bought this piece of land. It's a very special place to live. I just love it.
I fell right in my back yard on a piece of uneven pavement and fractured my left shoulder in three places. So now I need somebody to dress me, to make my food because it's hard to cook with one hand.
There were various caregiver places in Lexington, and they sent me Sylvia and she is fantastic.
I am very fortunate because I got involved with TIAA and I have enough money to pay her. If I didn't have that money, I would be at the mercy of friends and relatives.
Even with this reducing it doesn't threaten my total income.
Your income, your choices
Your Income Options
- Can be set up for just you or you and a partner.
- Income can be for life or a set period of time.
- Income may be accessible in other ways such as systematic withdrawals depending on your contract.
- Income tax will be due at the time income or withdrawals are taken, plus a possible federal 10% penalty if you make a withdrawal before age 59½.
- Once you set up lifetime or period certain income, that balance is not available for income under other distribution options.
- You cannot change the annuity option or annuity partner once you begin receiving income.
- Features can be added to allow income to continue to beneficiaries for a specified period; adding this benefit will reduce the initial income amount.
Fixed vs. Variable Annuities
- Fixed annuity income is consistent, reliable and guaranteed. For a fixed annuity, the insurance company, not contract owner, assumes risk.
- Variable annuity income is not guaranteed but has the potential to grow over time. The amount of each payment will fluctuate based on underlying investment performance. You assume the decision-making for the investments.
Our Retirement Annuities
Variable Annuities (including the CREF Accounts, TIAA Real Estate and TIAA Access Annuities)
How TIAA can help
Give us a call
Call 888-583-2535 weekdays
8 a.m. to 10 p.m. (ET)