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Considering a work benefit TIAA (RA plan) Lifetime Annuity. Historically, its been running about 4.1% COLA with a floor of 2.5%
Anyone with experience with Retirement Annuities ? TIAA or not.
Yes, very familiar with TIAA. Questions: 1. are you still working? 2. do you have other choices besides TIAA?
Please give more information. Annuities typically don't have COLAs any longer, although you can get them with annual % increases. This sounds like TIAA Traditional. FWIW, I'm not a fan of TIAA. The way they determine payouts is difficult to understand. Also, there are usually significant penalties should you want to liquidate your annuity within a certain time.
Yes, very familiar with TIAA. Questions: 1. are you still working? 2. do you have other choices besides TIAA?
Please give more information. Annuities typically don't have COLAs any longer, although you can get them with annual % increases. This sounds like TIAA Traditional. FWIW, I'm not a fan of TIAA. The way they determine payouts is difficult to understand. Also, there are usually significant penalties should you want to liquidate your annuity within a certain time.
Its part of the (RA specific plan) The TIAA Lifetime (RA) has no liquidation option - its gone. The RA (employer plan) has a guaranteed COLA (or Annual increase- more accurate) of 2.5% with a average of 4.1% - Still working, but changed employers.
Its part of the (RA specific plan) The TIAA Lifetime (RA) has no liquidation option - its gone. The RA (employer plan) has a guaranteed COLA (or Annual increase- more accurate) of 2.5% with a average of 4.1% - Still working, but changed employers.
Do you have other options? What are they and how desirable are they? Really not a fan of TIAA. I have a little money in a stable value fund with VOYA paying 4% guaranteed forever (floor with possibility to increase) and it is fully liquid. I would make certain there is a guarantee increase with TIAA and get it in writing.
i recently closed out my 401k with voya when i quit my one day a week job and moved it to fidelity
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