Individual annuities
Explore TIAA annuities outside of your workplace plan
Annuities offer many benefits for growing and protecting your wealth and maximizing income when you need it.
Overview
What is an annuity?
Annuities are a financial tool you can use to grow your savings and create income in retirement. In simple terms, they’re insurance contracts that allow you to save money and the ability to receive retirement checks that last as long as you live. There are two main types:
Fixed annuities are more conservative and offer predictability through guaranteed growth rates while you're saving and guaranteed checks for life during retirement.
Variable annuities carry more risk, including risk of loss of principal, but also offer more long-term growth potential because your money is invested in the market, so your savings balance and the size of your lifetime retirement checks will vary.
Annuities for IRAs
Meet the annuities available in our IRAs
Option 1
Annuities in the TIAA IRA
The TIAA IRA1 provides 100 investment choices, including fixed and variable annuities, offering full diversification.
Fixed annuity
TIAA Traditional
TIAA Traditional provides guaranteed growth as you save and a guaranteed fixed amount of income during retirement—even in the most volatile markets.
- Fixed interest rate that allows for daily growth, no matter what
- Potential for bigger retirement checks via TIAA profit sharing2
- Flexibility and control over how to receive income
Variable annuity
CREF Accounts
CREF is designed to grow with the market while you’re saving and offers variable income for life during retirement.
- Designed for long-term growth and can move up and down with the market
- Among the lowest fees in the industry
- Retirement checks that vary with investment performance
Variable annuity
TIAA Real Estate Account
A different way to invest in property, TIAA Real Estate Account provides access to commercial real estate investments and offers variable income for life.
- Designed for growth while you’re saving and during retirement
- Diversification and access to your money any time
- Option for lifetime income payments; amount will vary with investment performance
Option 2
Standalone IRA annuity option
TIAA MyChoice MYGA (multi-year guaranteed annuity) is a separate IRA account with one investment option. You get a guaranteed fixed rate for a set term of your choice.
Fixed annuity
TIAA MyChoice MYGA
Provides competitive, guaranteed rates over flexible term periods with the ability to convert balances into a guaranteed fixed amount of income in retirement.
- Fixed interest rate that allows for daily growth, no matter what
- Choose multiple term periods within a single contract (3, 5, or 7 years)
- Potential for bigger retirement checks via TIAA profit sharing2
Compare
Compare IRA annuities
Choosing the right annuity for your IRA depends on your goals, risk tolerance, and whether you want guaranteed rates or market-based growth potential.
TIAA Traditional Annuity (Fixed) |
TIAA MyChoice MYGA (Fixed) |
CREF Accounts (Variable) |
TIAA Real Estate (Variable) |
|
As you're saving for retirement |
||||
Guaranteed interest rate |
||||
How the interest rates work |
New money you add: Gets the current month's rate, which stays in place until the end of the next February. Money already in TIAA Traditional: Reviewed annually and may adjust each March 1. |
Offers interest rate guarantee periods (3, 5, 7 years) in which your rate remains unchanged. Rates are typically higher than TIAA Traditional due to the commitment periods. |
||
Value fluctuates based on markets |
||||
Level of risk vs. reward |
Low | Low | Low to high | High |
Fund expense fees |
||||
Lifetime income |
||||
May convert into lifetime income |
||||
Next steps
Get started
Get an annuity through TIAA
Schedule an appointment, or give us a call at 844-TIAA-IRA (844-842-2472), weekdays, 8 a.m. to 7 p.m. ET.
Roll over
We make it simple, with zero costs or fees.
Get advice
Answer some simple questions about your financial situation and goals, and we’ll create a personalized recommendation.
Contribute
Make a contribution to your existing IRA by logging in to your account.
More resources
Learn more about annuities
Why leaving your IRA in cash could cost you in retirement
Opening an IRA is an important first step, but allocating where your money goes is really what transforms your contributions into meaningful retirement growth.
Why consider an annuity for your IRA?
A fixed annuity provides security. A variable annuity offers growth potential. Both in your IRA? Even better.
Time to consider annuity income or withdrawals?
See how annuitizing part of your savings could give you more money in year one compared to the standard 4% withdrawal strategy.
Faq
What people ask us
What’s the difference between workplace and IRA annuities?
An annuity in an employer plan (like a 403(b) or 401(k)) is sponsored by your employer as part of your workplace retirement benefits. Your employer selects the provider and available investment options, and contributions are typically made through convenient payroll deductions. These annuities often come with certain protections and may have different fee structures negotiated by your employer.
An individually owned annuity is a contract you purchase directly from an insurance company outside of any employer plan. You have complete control over selecting the provider, choosing the specific annuity type, and determining your contribution schedule. This gives you more flexibility and portability, though you're responsible for all decisions and administrative tasks yourself.
The key distinction is that employer plan annuities are part of a group arrangement with potential cost advantages and administrative convenience, while individual annuities offer more personal control and aren't tied to your employment status.
What if I have an annuity via workplace?
An individual annuity would be something separate that you purchase on your own, outside of work. You'd buy it directly from an insurance company of your choosing. Some people get an individual annuity because they want different features than what's available through work, they've maxed out their workplace contributions, or they want additional retirement savings that aren't tied to their employer.
The workplace annuity is part of your employee benefits and comes with the convenience of automatic contributions. An individual annuity gives you more control and choices, but you handle everything yourself—from selecting the provider to managing contributions. You can have both types if that makes sense for your retirement goals.
Which annuity is right for me?
Start by deciding on what you want the annuity to do for you. Are you looking for guaranteed income in retirement? Growth potential? A way to protect your savings? Your goal will guide which type of annuity makes sense.
Next, think about your timeline. When will you need the money? Annuities work best when you can let them grow for a while, so make sure you won't need access to these funds right away.
Compare your options. Look at the features, fees, and benefits each annuity offers. Pay close attention to costs—they can vary quite a bit and will impact how much your money grows over time. Check the financial strength of the insurance company. You want a solid, reliable company that will be around to fulfill its promises decades from now. Look for high ratings from independent rating agencies.
Finally, and this is really important—work with a qualified financial professional who can help you understand how an annuity fits into your overall retirement picture. They can explain the details, help you compare options, and make sure you're choosing something that aligns with your broader financial goals.
Do the annuities available in TIAA's IRA options include the TIAA Loyalty Bonus®?
Our fixed annuities --TIAA Traditional Annuity and TIAA MyChoice MYGA offer the unique potential for both a TIAA Loyalty Bonus®and raises in retirement.2
The
Once you begin receiving retirement checks, you also have the opportunity for additional amounts beyond the guarantees.
We’re here to help
Give us a call at 844-TIAA IRA (844-842-2472), weekdays, 8 a.m. to 7 p.m. ET, or schedule an appointment.
1TIAA Trust, N.A. is the IRA trustee of the TIAA IRA.
2Lifetime income payments from TIAA Traditional and TIAA MyChoice MYGA may include a TIAA Loyalty Bonus®, which is discretionary and determined annually. You may forfeit the TIAA Loyalty Bonus on any amounts or transferred or withdrawn prior to annuitization. TIAA may share profits with fixed annuity owners through higher initial annuity income and through further increases in annuity income benefits during retirement. These additional amounts, when declared, remain in effect through the “declaration year,” which begins January 1 for payout annuities. Additional amounts are not guaranteed beyond the period for which they are declared.
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 Traditional is a fixed annuity product issued through these contracts by Teachers Insurance and Annuity Association of America (TIAA), 730 Third Avenue, New York, NY, 10017: Form series including but not limited to: 1000.24; G-1000.4; IGRS-01-84-ACC; IGRSP-01-84-ACC; 6008.8. Not all contracts are available in all states or currently issued.
TIAA MyChoice MYGA is a fixed annuity contract issued by Teachers Insurance and Annuity Association of America (TIAA), New York, NY. Form series including but not limited to: ICC24-NQRSM, TIAA-NQRSM-CA, TIAA-NQRSM-NY, TIAA-NQRSM-FL and TIAA-NQRSM.
Not all contracts are available in all states or currently issued. Annuity contracts may contain terms for keeping them in force. We can provide you with costs and complete details. Annuity contracts may contain terms for keeping them in force. We can provide you with costs and complete details.
TIAA Wealth Management is a division of TIAA.