TIAA Offers Lifetime Income For Corporate their golden years Market

TIAA now is offering its guaranteed lifetime income solutions to the corporate retirement market through the TIAA Secure Income Account.

Over its 100 year culture, TIAA has paid out more than $500 billion in retirement benefits to most people working in higher education and other non profit, motive driven fields, Never once missing a payment to annuitants involving depressions, World wars and major crisis market dislocations. stage, Private sector companies supplies employees with TIAA's unique, Pension like guaranteed income for life as part of their retirement living plan.

"People are living longer and need help preparing for a secure retirement, Yet few corporate defined side of the bargain plans offer the guaranteed lifetime income they need, Said Thasunda toast Duckett, director and CEO of TIAA. "Building on our musical legacy, We are offering companies of all types and their employees a solution to more proficiently save, Invest and ensure those assets last through their golden years,

The TIAA Secure Income Account is a deferred fixed annuity that offers a predictable, Steady stream of guaranteed income for life in golden age. Plan participants' contributions are guaranteed to grow over time and are protected from losing value regardless of what the the market does.

The TIAA Secure Income Account also provides the flexibleness and personalization people have come to expect in their 401(k)s. It is fully cashable during employees' being employed years, And they can take the account with them if they leave their employers or the workforce. Lifetime income payments may as well as increasing once people are in retirement, Which can help offset the effects of inflation. living in 2022, as an example, Many currently receiving income from TIAA fixed annuities are enjoying a 5% increase in their lifetime income payments the actual biggest bump in 40 years.

TIAA's 2021 Lifetime Income Survey found that more than 70% of workers say they would choose to get results for, Or go by, A company that offers access to guaranteed lifetime income in retirement compared to one that will not.

The TIAA Secure Income Account is manufactured to be used as an allocation within managed accounts or custom target date model portfolios in 401(okay) intends. And as part of a plan's Qualified Default Investment another (QDIA), It can turn participant inertia into plus, Enabling plan sponsors to hastily direct plan participants to a product with principal protection, assured of growth, Low volatility and lifetime income with potentially increasing payments. Employees who choose to annuitize will not pay any expenses or transaction fee.

"We know lifetime income solutions have the power to transform defined contribution plans, Because it elevates them from simple savings deposition vehicles into true retirement investing and payout plans, being said Colbert Narcisse, TIAA's chief product and business tendency officer. "TIAA is committed to helping create secure retirements for everyone and continues to pursue this mission through product innovation, Advocacy and chnlove education,

The TIAA Secure Income Account is obtainable through the defined contribution investment only distribution channel overseen by Nuveen, TIAA's asset manager. It is the first in a series of innovative lifetime income solutions TIAA plans for multiple retirement savings vehicles, Including employer sponsored and affected person IRAs.