In this episode of "TIAA Simplified," we delve into three critical aspects of TIAA and your Traditional accounts, aiming to provide clarity and actionable insights.

Competence in Financial Advisors:

We kick off by addressing an essential issue for TIAA participants: the competence of your financial advisor. It's crucial to ensure that your independent, fee-only advisor is well-versed in TIAA-specific issues. Does your advisor have an APIN number? This can be a good indicator of their expertise in navigating your TIAA journey effectively.

Understanding Illiquid Contracts:

Next, we highlight the importance of recognizing whether your TIAA Traditional monies are in illiquid contracts. We share a real-life scenario where a TIAA participant discovered just before retirement that a significant portion of her Traditional money was illiquid. This revelation could have derailed her retirement plans, but understanding the nature of illiquid contracts and knowing the right exit strategy can turn this challenge into an advantage. We explain how you can navigate these complexities to protect and optimize your retirement savings.

Lifetime Income vs. 10-Year TPA:

Lastly, we discuss the decision-making process between opting for Lifetime Income versus the 10-Year Transfer Payout Annuity (TPA). Through another real-life example, we illustrate how a TIAA participant, initially skeptical about Lifetime Income, was convinced by the numbers and benefits. We also provide insights into why some independent advisors might urge you to initiate liquidation strategies for your Traditional assets and how to make an informed choice that aligns with your long-term retirement goals.

Tune in to this episode of "TIAA Simplified" to better understand these crucial elements of your TIAA Traditional accounts, ensuring you can make well-informed decisions for a secure and prosperous retirement.

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*Disclosure* S&A Financial Services, Inc. is a registered investment advisor. Content presented is for informational purposes only and should not be considered as investment advice or as an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Always consult with your tax advisor or attorney regarding your specific situation.