1 Reply Latest reply on Apr 27, 2017 1:31 PM by Cindy Wilson

    TIAA accounts as "assets"

    Eddiesgirl

      I am applying for residency in a retirement community.  Their financial forms ask for a list of assets.  How can I determine a value for the two TIAA accounts I currently own other than just listing my monthly income from the accounts?  Is there a formula for doing so?

        • Re: TIAA accounts as "assets"
          Cindy Wilson

          Hello and thank you for this question.  If you have created a lifetime income from your TIAA account, then technically, there is no longer a balance, or lump sum amount, that you can draw from as an asset.  Technically, you could use a time value of money calculator, and enter the monthly payment, and assumed number of years (life expectancy), and assumed rate of return, to solve for a lump sum balance.  However, if there is a section on the form where you are entering monthly income, like from Social Security, it would make more sense to enter your monthly TIAA income in that portion of the form.  If this doesn’t help, please call our phone center, and if you can scan/email the form to us, we might able to better assist you.  Thanks again, and best of luck on getting into your preferred retirement community!