I'm retired now and have decided that it is time for me to start taking monthly payments in the form a lifetime annuity. I've done my homework and checked out the online calculators. But I can't find ANY information to actually start the process. Can someone please point me in the right direction? I'll bet that there is simple info somewhere, but I've been searching, on and off, for a couple of weeks now and I can't find it anywhere. It's like the TIAA-CREFF don't want to part with my money. :-) Thanks in advance
Zip, I spend much time on a forum for TIAA-CREF Funds on morningstar.com under the "Discuss" tab. The group on that forum are true experts on TC annuities and starting them. Before you begin, I strongly suggest that you go there, do some searches on the topic and then sign up and ask your own direct questions. The general population there consists of educators. They are very open and helpful in the extreme. GOOD LUCK!!!!! :-))))
Thanks for the response. I really appreciate it. This has been driving me crazy. I will definitely check Morningstar out. But I did find out that there is no practical to do what I want to do without calling TIAA.
I seem to have found the answer to my own question. So let me try to help anyone else in a similar situation. Simply put, you must CALL 1-800-842-2252 and speak to a "retirement income consultant." They will ask you several questions, answer any questions, advise you of other decisions that you need/should make and workup a "projection" based on criteria from the discussion. They will then email you their projection. That's where I stand right now. Once you have viewed the email and the included projection, you will have to call back and then they will provide the proper forms. Had I not been so stubborn and insisted on trying to do this all by myself, I could have saved a week and a half of frustration.
Zip, the process may seem straight forward, but my extensive lurking on the Morningstar site has proved to me that the considerations for creating an annuity are far from simple. Who are the beneficiaries and why? How long should I guarantee the payments and at what reduction in benefits? Should I require inflation coverage and at what cost? What accounts does one use? Should I set up multiple annuities as I age or just do one big one? The questions seem to go on and on. It is a non-reversible decision and it seems worth doing adequate research before signing on the dotted line.
I personally do not favor annuities due mostly to the release of control of our funds. I do however recognize that, as one ages, our mental capabilities will wain and poor investment decisions can result. An annuity could remove this issue for at least the essential living expenses covered by the annuity(ies).
Good Luck!!!! :-)))
once again I am with JerryD on this one. The only annuity I have is the absolute minimum that I seemed to be unable to roll-over into my own (controlled) Roll-over IRA (indexed, by the way).
Mrzip, I did this when I retired, make yourself a list of questions you need answered and what you want to do with your funds. Then make an appointment with a TIAA CREF retirement specialist to discuss and ask questions. There should be a rep somewhere near your home city. They are there for you to pick their brains about what you want to do. They are very knowledgible and can guide you thru the entire process. It's a free service.
Art, Thanks, that's pretty much what I did.
From my Android phone on T-Mobile. The first nationwide 4G network.
"From my Android...: you old-timers slay me fyi, i still have a flip-phone (and i'm not yet retired)
We will convert you!!
Since I retired I have taken over the duties of making tee times for our twice a week golf group. IPhones make it soooo easy to group text the guys and for them to respond. Out of 14 guys only one has not yet been converted, but I'm working on him. LOL!
Yeah, I think I know what you mean. This time last year, I had a TracFone prepaid. But it's like retirement, you're afraid to "pull the proverbial trigger" and then after you do, you wonder why you waited so long. On the other hand, when I was working, I didn't have time for a "smartphone."
I held out at work also. No time to be playing email/text tags over unimportant BS. Made all my contractors turn off their mobiles in our meetings, needless to say they were not happy.
I am a hold-out. No mobile at all.
I went the trac phone route for YEARS. Just had to have absolute control over monthly expense. Then my son bought me a smart phone for Christmas 2 years ago and I don't know how I lived without it! Then, last year, he gave ME, a die-hard IBMer, an Apple I Pad. OMG. To say it changed my world would be accurate. I use my desktop at work ONLY. At home, that Ipad is all I ever use. Donated my old laptop and home desktop to the local school after I hadn't fired either up in over a year. I run my LIFE from Apple devices now. Calendar. Phone Numbers, Grocery lists, Reminders, texting, facetime with the grannies, Calculator, Wristwatch., etc etc. HOWEVER...I am a hardcore believer in electronic device etiquette. No
devices allowed at dinner EVER. Once a face to face conversation begins, my device is silenced and put away, both at work and in my personal life.
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