¹ Morningstar, “What’s a Safe Retirement Withdrawal Rate for 2026?” December 3, 2025.

² Bengen, William P. “A Richer Retirement: Supercharging the 4% Rule to Spend More and Enjoy More.” (Wiley, 2025).

³ The 2026 Annuity Payout Advantage is hypothetical and for illustrative purposes only. The Annuity Payout Advantage calculation uses the TIAA Traditional “new money” income rate for a single-life annuity (SLA) with a 10-year guarantee period at age 67 using TIAA’s standard payment method beginning income on March 1, 2026. Individual results may vary. Example: Participants A and B both are aged 67 and had retirement savings balances of $1 million as of March 1, 2026. Participant A withdrew 4% ($40,000) in year 1. Participant B made a one-time transfer to TIAA Traditional and selected an SLA with a guarantee period of 10 years, starting on March 1, 2026. Participant B received an income rate of 7.56% ($25,200) on $333,333 annuitized in year 1; Participant B also withdrew 4% ($26,667) from the $666,667 remaining savings balance in year 1. The result ($51,867) is initial income for Participant B in year 1 that’s 29.7% higher than the initial income of Participant A ($40,000). Income rates for TIAA Traditional annuitizations are subject to change monthly. TIAA Traditional annuity income benefits include guaranteed amounts plus additional amounts as may be declared on a year-by-year basis by the TIAA Board of Trustees. The additional amounts, when declared, remain in effect through the “declaration year,” which begins each January 1 for payout annuities. Additional amounts are not guaranteed beyond the period for which they’re declared. TIAA has paid more total lifetime income benefits than it has guaranteed every year since 1949. Over the past 30 years, TIAA has given 18 income increases to existing annuitants (as of January 2026). Past performance is not a guarantee of future results.

⁴ TIAA Traditional is issued by Teachers Insurance and Annuity Association of America (TIAA), New York, NY.

⁵ Based on monthly TIAA Traditional income rates from January 1994 through December 2025.

⁶ In March 2000, TIAA Traditional’s income rate was 9.1%. Using the aforementioned formula, that makes the Annuity Payout Advantage for that time 42%.

⁷ In September 2008, TIAA Traditional’s income rate was 7.1%. Using the aforementioned formula, that makes the Annuity Payout Advantage for that time 31%.

⁸ In March 2020, TIAA Traditional’s income rate was 6.1%. Using the aforementioned formula, that makes the Annuity Payout Advantage for that time 18%.

⁹ Historical annuity annual payout rates are from immediate annuities.com’s Comparative Annuity Reports (January 2026). The highest single-premium immediate annuity (SPIA) rates for 65-year-old single male and female annuitants, with a guaranteed 10 years of payouts whether the annuitant lives or dies during that period, have ranged between 5% and 8.5% since 2002.

¹⁰ Results based on averages for retirement dates each month from 1/1/1996 into 1/1/2026, comparing “long-term contributors” versus “new contributors” to highlight the difference in initial income. The long-term contributor represents a participant who has accumulated savings in TIAA Traditional. The new contributor represents a participant who has accumulated savings outside of TIAA Traditional. The new contributor annuitizes the same dollar amount as a long-term contributor when both participants reach retirement. The new contributor deposits their savings into TIAA Traditional the day before annuity payments begin, when both the new and long-term contributors are age 67. Both select a single-life annuity with a 10-year guaranteed period. A total of 361 individual retirement month cohorts were analyzed. The long-term contributor assumes level monthly premiums over the stated investment periods. Percentage represents the average difference in initial income over each of the time periods for a long-term contributor versus a new contributor.

This material is for informational or educational purposes only and is not fiduciary investment advice, or a securities, investment strategy, or insurance product recommendation. This material does not consider an individual’s own objectives or circumstances, which should be the basis of any investment decision.

Annuity contracts may contain terms for keeping them in force. We can provide you with costs and complete details. TIAA Traditional is a fixed annuity issued by TIAA, New York, NY: Form series including but not limited to: 1000.24; G-1000.4; IGRS-01-84-ACC; IGRSP-01-84-ACC; 6008.8.

Lifetime income payments from TIAA Traditional may include a TIAA Loyalty Bonus, which is discretionary and determined annually. Not all contracts are available in all states or currently issued.

Converting some or all of your savings to income benefits (referred to as “annuitization”) is a permanent decision. Once income benefit payments have begun, you are unable to change to another option.

Any guarantees under annuities issued by TIAA are subject to TIAA’s claims-paying ability.

TIAA may share profits with TIAA Traditional Annuity owners through declared additional amounts of interest during accumulation, higher initial annuity income, and through further increases in annuity income benefits during retirement. These additional amounts are not guaranteed beyond the period for which they were declared.

You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877-518-9161 or go to tiaa.org/prospectuses for current product and fund prospectuses that contain this and other information. Please read the prospectuses carefully before investing.

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