Forms of Payment from TIAA Traditional Annuity
A lifetime annuity may be received from your TIAA Traditional Annuity Account. Lifetime annuity income is the only payment method that ensures you will never outlive your retirement income. It is also a permanent arrangement; once you begin receiving payments, you may not stop them. The actual amount of income you receive at retirement depends primarily on the amount in your TIAA account, your age when payments begin, and the form of payment you choose.
For Group Retirement Annuity (GRA) contracts issued after June 1, 2005, you may also receive a fixed-period annuity of 5 to 30 years (subject to IRS restrictions). At the end of the fixed period chosen, all payments cease.
TIAA cash withdrawals can be taken in 10 substantially equal payments over a period of nine years.
Once the amount of your TIAA annuity payments is determined, it can be increased or decreased by changes in dividends, but cannot fall below the contractually guaranteed level.