Retirement income that never retires

Voice: 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.

Voice: Nearly three-quarters of American workers say they want their retirement savings to give them income for life.

Voice: A new option in your retirement plan helps get you there. The TIAA Secure Income Account can help grow a portion of your savings, and then pay you income for life in retirement. In fact, it's guaranteed.

Voice: Your plan's default investment option allocates a portion of your money to the TIAA Secure Income Account. The account grows your balance with guaranteed interest declared in advance. These interest rates will always be more than or the same as the guaranteed minimum interest rates. This happens every day and even in the most volatile markets.

Voice: This feature preserves the value of your savings and the interest TIAA has already paid you.

Voice: 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. It's like receiving a paycheck for life in retirement.

Voice: The amount you receive from the TIAA Secure Income Account may even be more than what you might get from a typical withdrawal strategy.

Voice: And, we try to give back even more. Our distinctive "sharing the profits" approach can reward you with more lifetime income the longer you contribute; think of it as an "exclusive benefit."

Voice: So contributing earlier can mean higher payouts. And you may see your income increase periodically after your payments begin. Keep in mind that additional amounts may be awarded each year, and are not guaranteed for future years.

Voice: Let's look at how you can make the most of your retirement savings with the TIAA Secure Income Account.

Voice: Here's an example using a simple scenario. Let's assume you saved $500,000 for retirement.

Voice: Using a typical 4% systematic withdrawal approach, you can pay yourself $20,000 a year. However, with this option, payments will stop when your money runs out.

Voice: Now let's look at the same $500,000 a different way. Use $333,000 for lifetime income from the TIAA Secure Income Account. Let's assume a payout of 6% or more, which similar TIAA annuities may guarantee.

Voice: You'll still receive $20,000 a year — but those payments won't stop — 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.

Voice: 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.

Voice: As you can see, it's important to consider which option is best for your situation. 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.

Voice: Talk with your HR representative or plan provider to learn more about the TIAA Secure Income Account.

Voice: 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.

Voice: You can strengthen your plan's default with retirement income that never retires.

Voice: Most plan participants expect their retirement plans to provide guaranteed monthly income in retirement the way a pension would.

Voice: And yet, few plan sponsors offer in-plan annuity solutions to give participants the opportunity for lifetime income in retirement.

Voice: Adding an option for guaranteed savings and lifetime income to your plan's default investment can help your participants pursue the lifestyle they envision for retirement.

Voice: Let's take a look. Target-date funds are popular default options for 401(k) plans.

Voice: Target-date funds can be sound investments for saving. But they don't provide lifetime income in retirement.

Voice: That's where we come in, with more than 100 years' experience providing guaranteed savings and lifetime income options to plan participants.

Voice: You can offer a "next generation" plan default solution by building the fully guaranteed TIAA Secure Income Account into a managed account or custom model portfolio.

Voice: The TIAA Secure Income Account is a fixed annuity. It provides guaranteed interest rates and protected growth while your plan participants are saving.

Voice: Then, when they retire, they can use the TIAA Secure Income Account for dependable, protected income for life—for themselves and a loved one if they choose.

Voice: What's more, our distinctive "sharing the profits" approach can reward participants with more lifetime income the longer they contribute; think of it like a "loyalty bonus." Participants may even see their income periodically increase.

Voice: It's like giving your DC plan defined benefit-style features—like payouts and participant flexibility — without the funding requirements.

Voice: Incorporating the TIAA Secure income Account into your retirement program allows you to enhance your plan's default and help better prepare even the most unengaged plan participants to save for—and live in—retirement.

Voice: A workforce that's better prepared to begin retirement can also help your organization's bottom line. Consider this: A one-year delay in retirement age may increase your annual workforce costs up to one-and-a-half percent.

Voice: So, if you're ready to consider a new way to help drive better outcomes, we can work with you and your plan provider to integrate our educational resources with the communications, education and retirement tools you and your providers offer.

Voice: For instance, we offer lifetime income projections that you and your provider can use to help plan participants map and track their goals.

Voice: And you can rely on our Lifetime Income Consultants to help you and your provider educate plan participants about the lifetime income option when they begin the transition into retirement and beyond.

Voice: Once plan participants begin a stream of lifetime income from their TIAA Secure Income Account, they can access a dedicated website to see their account profile and payment history, update an address, and access resources to manage their income.

Voice: Consult with us about incorporating the institutionally priced TIAA Secure Income Account guaranteed savings and lifetime income product into your retirement plan's default to help your plan participants pursue the lifestyle they envision for retirement.