Immediate income annuities

If you need extra income right away, our Single Premium Immediate Annuity* can turn some of your money into guaranteed income.1
You can call us at 877-554-8282 or request a call to speak with an annuity representative.
*Issued by TIAA-CREF Life Insurance Company (TIAA Life)

How to start getting annuity income immediately

Putting money in

  • Contribute at least $25,000
  • Choose from eight variable accounts or a fixed account

Taking money out

  • Start receiving payments right away
  • Get payments for your entire life, or for a fixed period from 5 to 30 years
  • Can be used to support a partner or spouse


How our immediate income annuities work

A personal annuity allows you to save beyond 403(b)/401(k) and/or IRA limits to help pursue goals.
Putting Money In You can decide how much you want to put in your annuity.
Choosing Investments You can choose investment options for your annuity. You can pick a set rate option and from options with returns tied to market performance.
Taking Money Out You can decide how you want to receive your income payments—you can either get a set payment amount or a variable amount.

Immediate annuities turn a large sum into steady income

So you may be more likely to reach your goals.

Sold my business

I want to do the responsible thing with the proceeds.


I want to spend some money, but I want my money to last.

Bridge the gap

When Social Security is ten years or more out of reach.

Is this annuity right for you?

An option for unexpected cash, such as

  • An inheritance
  • Proceeds from a sale
  • Severance package

Fills the income gap before Social Security

  • Creates an immediate income stream
  • Helps fill gap while waiting for your benefits to kick in
Get started

Need help to decide?

Call us at 877-554-8282 to speak with a representative, or schedule a call back

Discover more


Leah Bitat

Director of Academic Programs
Participant since 2012
Leah Bitat

Waiting to take Social Security

Retire early? Annuities can help bridge the gap.

Are you getting the most out of your retirement plan?

Learn the essentials, get on the right track, and show your retirement savings who's boss.
1 Guarantees are subject to the claims-paying ability of the issuing insurance company and do not apply to the underlying subaccounts.
2 57% of TIAA-CREF’s funds and variable annuity accounts received an overall Morningstar rating of 4 or 5 stars ( 35.80% 4 stars and 20.99% 5 stars ), based on risk-adjusted returns as of December 31, 2018 . Conversely, only 10% of our funds and accounts have less than a 3-star rating, which speaks to the overall strength of our platform. Morningstar ratings based on the lowest cost share class for each mutual fund, based on U.S. open end mutual funds; CREF Variable Accounts; and the Life Funds. For a fund or account with multiple share classes and the same pricing, the share class with the longest performance history is used. Please note Morningstar rates CREF group variable annuities within the open end mutual fund universe.  Morningstar ratings may be higher or lower on a monthly basis. Morningstar is an independent service that rates mutual funds. The top 10% of funds or accounts in an investment category receive five stars, the next 22.5% receive four stars and the next 35% receive three stars. Morningstar proprietary ratings reflect historical risk-adjusted performance and can change every month. They are calculated from the fund or account’s three-, five- and ten-year average annual returns in excess of 90-day Treasury bill returns with appropriate fee adjustments, and a risk factor that reflects fund or account performance below 90-day T-bill returns. The overall star ratings are Morningstar’s published ratings, which are weighted averages of its three-, five- and ten-year ratings for periods ended December 31, 2018 . Past performance cannot guarantee future results.
3 For its stability, claims-paying ability and overall financial strength, TIAA-CREF Life Insurance Company is a member of one of only three insurance groups in the United States to hold the highest rating available to U.S. insurers from three of the four leading independent insurance company rating agencies. TIAA-CREF Life Insurance Company (TIAA Life) is a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (TIAA). TIAA Life holds the following ratings as a result of its relationship with TIAA: A.M. Best (A++ as of 6/18) , Fitch (AAA as of 6/18) and Standard & Poor's (AA+ as of 10/18) , and the second highest possible rating from Moody’s Investors Service (Aa1 as of 9/18) . There is no guarantee that current ratings will be maintained. The financial strength ratings represent a company’s ability to meet policyholders’ obligations and claims and do not apply to variable annuities or any other product or service not fully backed by TIAA Life’s claims-paying ability. The ratings also do not apply to the safety or the performance of the variable accounts, which will fluctuate in value.
This material is for informational or educational purposes only and does not constitute a recommendation or investment advice in connection with a distribution, transfer or rollover, a purchase or sale of securities or other investment property, or the management of securities or other investments, including the development of an investment strategy or retention of an investment manager or advisor. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made in consultation with an investor’s personal advisor based on the investor’s own objectives and circumstances.

Single Premium Immediate Annuities (contract form series TCL-1009, TCL-1033, TCL-901) are issued by TIAA-CREF Life Insurance Company (TIAA Life), 730 Third Ave., New York, NY 10017.
TIAA Life Insurance Company (TIAA Life) is a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (TIAA). TIAA-CREF Individual & Institutional Services, LLC, member FINRA distributes securities products. Each of the foregoing is solely responsible for its own financial condition and contractual obligations. Some products may not be available in all states.
Annuity contracts contain exclusions, limitations, reductions of benefits and may contain terms for keeping them in force. We can provide you with costs and complete details.