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TIAA Traditional and The Mistake Many Academics Make

TIAA Traditional and The Mistake Many Academics Make. What is TIAA Traditional? TIAA Traditional is a popular fixed annuity offered inside university retirement plans. It pays a minimum guaranteed rate of interest, plus additional amounts, and it's regarded as a conservative option within a retirement portfolio. However, often professors forget that where, they own TIAA Traditional, makes a huge difference, in how they can access money from this option. For example, in the New Jersey Alternate Benefit Plan, the 401a retirement choice contract allows transfers out of TIAA Traditional over 84 monthly installments, which is 7 years long! If keeping your investment options liquid at retirement is important to you, avoid making this mistake. Plan ahead- and reposition TIAA Traditional, where it is 100% liquid. Certain 403b accounts offer transfers without any limitations or charges. The trade off is usually around 75 basis points less in return, but the future flexibility for other investment options may be well worth it. An assessment of all guaranteed income sources, including social security, should be taken into consideration before contributing more into TIAA Traditional. Make sure to get an objective opinion when creating, your long-term, TIAA Traditional strategy. To join Wealth In Retirement Facebook Group -   / 600171758472290   and click "Join" Disclosure: Fixed annuities are long-term investment vehicles designed for retirement purposes. Gains from tax-deferred investments are taxable as ordinary income upon withdrawal. Guarantees are based on the claims paying ability of the issuing company. Withdrawals made prior to age 59 1/2 are subject to a 10% IRS penalty tax and surrender charges may apply.