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TIAA-CREF problems post-retirement

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Money Talk > Retirement Planning

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DonC
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quote:
I guess my original question still exists. What do I do about TIAA-CREF? Do I take the half of the money allowed to me and reinvest it with someone else or do I let them manage it and try to come up with a plan that allows me the money I need plus the flexibility I desire? Does anyone have an opinion about TIAA-CREF as a monetary fund?


I retired from a major university with substantial TIAA/CREF funds so I've had decades of knowledge and experience.

In the accumulation stage leading to retirement TIAA/CREF does well. Their load fees are extremely low because they are such a huge operation.

Upon retirement: it is extremely difficult to get your TIAA funds out. You can't roll them to another account either within the TIAA/CREF world or outside to a self-directed IRA. The best you can do is arrange to have it dispersed over a ten-year period. Personally, I wouldn't recommend annuitizing TIAA funds.

However, you can do anything you please with the CREF funds. You can roll it to an IRA outside of CREF, take monthly withdrawals or even take it in one lump sum. Just be aware of the tax consequences. I know of several colleagues who withdrew their entire CREF funds the year they retired only to be shocked by the huge tax bite.

You should have a plan administrator at the entity you retired from. If so, you need to meet with this person to see if they can be of help.

Best of Luck
Post Tue Oct 15, 2013 2:15 am
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coaster
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This post was appended to a very old and inactive thread. That's against forum rules and normally such posts get deleted without notice. However, this post contains a significant contribution of new informtion toward the general topic of the original thread and is worthy of being retained, and so I've split it off into it's own thread, where it can stand as a new topic. The original thread is here: http://www.money-talk.org/msg51533.html#51533

~Tim~
Post Tue Oct 15, 2013 5:43 am
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