Mainly due to age discrepancy b/w husband and wife, the lifetime income annuity option became less attractive option than 10yr TPA directed towards Rollover IRA and extracting from Rollover IRA for income as needed.
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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….(read more)

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TIAA Traditional is a popular retirement option for many individuals due to its promise of providing a steady stream of income for life. However, not every retiree is convinced that this is the best option for them. One retiree, in particular, has decided to reject TIAA Traditional and forgo the benefits of lifetime income in favor of other retirement strategies.

One of the main reasons this retiree rejected TIAA Traditional is the lack of flexibility it offers. With TIAA Traditional, once you start receiving income, you are locked into that rate for the rest of your life. This can be problematic for retirees who may need to adjust their income levels in the future due to unforeseen circumstances such as medical expenses or other financial needs.

Additionally, TIAA Traditional is subject to market risks, which can impact the returns on your investment. For some retirees, the uncertainty of market fluctuations can be a source of anxiety, leading them to opt for more predictable investment options.

Another factor that influenced this retiree’s decision is the lack of control over their assets with TIAA Traditional. With this option, the retiree is essentially handing over control of their funds to TIAA, which may not align with their financial goals and values.

Instead of relying on TIAA Traditional for lifetime income, this retiree has chosen to diversify their retirement portfolio with a mix of investments such as mutual funds, stocks, and bonds. By spreading their assets across different investments, they are able to mitigate risk and have more control over their financial future.

Additionally, this retiree is considering other retirement income sources such as annuities or rental properties, which offer more flexibility and potentially higher returns than TIAA Traditional.

In conclusion, while TIAA Traditional may be a suitable option for some retirees, it is not the right choice for everyone. For this retiree, the lack of flexibility, market risks, and loss of control over their assets were major factors in their decision to reject lifetime income from TIAA Traditional. By exploring other retirement strategies and diversifying their portfolio, they are confident in their ability to secure a comfortable retirement.