This material is for informational or educational purposes only and does not constitute investment advice under ERISA. 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 based on the investor’s own objectives and circumstances.
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All FAQs about withdrawals
Generally, you can withdraw any amount (up to your total balance) from your IRA, mutual fund or brokerage account. There might be some restrictions depending on a number of factors.
You can log in to your account to view the amount you can withdraw from your employer-sponsored retirement plans. Your online account shows your balance and the amount available.
When you need to withdraw funds, consider all the types of investment accounts you have and the associated tax implications involved when withdrawing funds from each.
Depending on the account, you may have to pay taxes or face tax penalties when you withdraw money. Before taking out money, consider speaking with a tax advisor to learn about the type of withdrawals that are best for you.
That depends on the rules of your plan. Contact your employer's benefits office or log into your account to find out when you can withdraw money (and how much you can withdraw).
Note: Any balance in the TIAA Traditional Annuity within an employer-sponsored plan may have different distribution options available to you. For additional information, please see making transfers and withdrawals from the TIAA Traditional Annuity.
That depends largely on whether you originally contributed that money before or after paying taxes on it.
When you withdraw money that you contributed on a before-tax basis from your retirement plan, that money is taxed as ordinary income.
If you contributed money to your retirement plan on an after-tax basis you won’t have to pay taxes. However, note that any earnings from these after-tax contributions are still taxable.
You may hold a retirement plan that allows Roth contributions, which are made with after-tax money. You can withdraw money from those accounts tax free as long as you take the money at least 5 years after January 1 of the year in which you first contributed to that plan, and you are either age 59 ½ or older, or considered disabled.
Note on early withdrawal penalties
For any retirement plan, there are penalties for taking money out if you're younger than 59 ½. Any money taken from a retirement plan is generally subject to a 10% early withdrawal penalty (unless certain conditions are met).
This depends on two key factors: your age and the type of IRA.
If you take money out before age 59 ½, then you may face a penalty equal to 10% of the money you take out from a Traditional or SEP IRA.
Traditional or SEP IRA
Any money you withdraw will be taxed as ordinary income. However, if you contributed money after taxes into an IRA, your withdrawals will not be taxed.
Withdrawals are tax free as long as you take the money out at least 5 years after the beginning of the year in which you first contributed to the plan, and as long as you are 59 ½ or older or considered disabled. If you don’t meet those requirements, any money you withdraw will be taxed as early income and subject to a penalty for early withdrawal.
You can withdraw funds at any time. Log into TIAA.org, then use the SUPPORT menu to choose TRANSACTIONS & INFORMATION. You can find your withdrawal request options in this section.
That depends on your account and your circumstances. Many people can either take a one-time cash withdrawal or set up a recurring withdrawal. When you request a withdrawal online, available options will be displayed to you.
Yes. When you request a withdrawal online, you will have the option to select a bank account to receive a direct deposit. You can also add a new account if you don’t have one on file.
TIAA has partnered with Notarize.com (www.Notarize.com/TIAA ) to offer a digital and secure way for you to fulfill notarization requirements for your forms. Or you may download and print the spousal/nonspousal waiver email form that you received from us.
There are a couple of different ways you can send forms back to TIAA. For the fastest processing you can upload most documents online:
- On TIAA.org: Log in to your account. Click on the ACTIONS tab at the top of the page and choose "Upload Documents". Use the “Upload Files” button to get started.
- On your mobile device: Log into the TIAA app, then choose “Message Center” from the menu. Click on Shared Files and select the Upload icon in the bottom right corner, and follow the instructions to upload your form.
If you would rather mail in your request, please allow for additional processing time: