TIAA Income Test Drive | What is it?

TIAA Income Test Drive
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Today, we're diving into TIAA's Income Test Drive! If you're unsure about what this is, you're in the right place.

Key Points Covered:

✔ Income Test Drive Basics: TIAA lets you test drive variable income payments for a two-year period. This is different from the fixed lifetime income annuity payments you might be familiar with.

✔ How It Works: You initiate the test drive with variable payments, and after two years, you can choose to convert to fixed lifetime income annuity payments. If you decide it's not for you, you can cancel without penalty and roll the money over to an IRA or some other strategy of your choosing.

✔ Eligibility: Minimum balance of $10,000 and typically a minimum age of 59.5, though some plans might allow at 55.

✔ Who Is It For: Ideal for those unsure about committing to lifetime income annuity payments and want to see if the variable payments suit their needs.

For more details or if you need help navigating your TIAA accounts, feel free to contact TIAA directly or reach out to me. My contact information is below.

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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.