1 Reply Latest reply on Dec 7, 2009 6:33 PM by AnnaLee

    Retirement Money

      I retired in May.  I had an account with TIAA Cref  through my employer to which I was contributing to bi-monthly.  I am no longer contributing, but chose to leave my money in the account.  Is this a wise decision, or should I be putting this money into an IRA or elsewhere?  Where is my money the safest and easily accessible to me with the minimum or no penalty in case I would need to withdraw any? 
        • Re: Retirement Money

          You need to talk to the TIAA-CREF representatives. I have an RA account and a couple of years ago I asked about rolling my money to my current employer's 401k. The CREF part was quick and easy but the TIAA part had to be withdrawn over, if I remember correctly, 10 years. At any rate, it wasn't quick. Also, the employer that I worked for back when the account was created had to approve the move. They had no problem with it. I just never did it and now have other plans for this orphan account.

          And to answer your question. Yes, IRAs tend to be more flexible. However "safe" investments are "risky" too. Safe money markets are earning less than .2% at brokerages. In some IRA's you have access to CD's but those rates aren't much right now either. Many bond funds have had decent yields but, if the fed starts raising rates, those could blow up too. With the declining dollar, there isn't any safe place to run as far as I can tell. I guess it is hard to say much without knowing whether you want the principle or you are looking for a place to earn dividend income. Vanguard has some decent lower risk dividend producing funds like Wellesley and Wellington.