How do I withdraw money from my TIAA-CREF account?
You can review your required minimum distributions by logging in to your account from the My Account tab. If your plan allows it, you can withdraw money online. If an online withdrawal is not an option, call us at 800-842-2252.
How much can I withdraw? Generally, you can withdraw any amount (up to your total balance) from your IRA, mutual fund or brokerage account.
By age 59.5 (and in some cases, age 55), you will be eligible to begin withdrawing money from your 401(k) without having to pay a penalty tax. You'll simply need to contact your plan administrator or log into your account online and request a withdrawal.
TIAA-CREF is a financial services company that helps people plan for retirement. Even if you are not near retirement, you might have an account with the company that you want to close for any number of reasons. If you find yourself in this position, you are able to close your account and take your money elsewhere.
When can I start withdrawing money from my 401(k)? With a 401(k), you can start to make penalty-free withdrawals when you turn 59 ½. If you need access to your funds before then, you can make an early withdrawal, but you'll incur an additional 10% early withdrawal tax penalty, unless an exception applies.
If your employer's plan permits, you can withdraw or roll over the full TIAA Traditional account balance within 120 days of ending your employment (subject to a 2.5% surrender fee).
A hardship withdrawal from your TIAA Traditional Annuity within RA, GRA and RC contracts is not available.
If you open an IRA, you can take money out whenever you'd like, for any reason, as long as your funds last. Most employer-sponsored plans require you to demonstrate and immediate and heavy financial need to qualify for pre-retirement withdrawals.
Traditionally, tax professionals suggest withdrawing first from taxable accounts, then tax-deferred accounts, and finally Roth accounts where withdrawals are tax-free. The goal is to allow tax-deferred assets to grow longer and faster.
Financial information or documentation that substantiates the employee's immediate and heavy financial need. This may include insurance bills, escrow paperwork, funeral expenses, bank statements, etc.
Should I withdraw monthly or annually?
Monthly/Quarterly Withdrawals
As with annual distributions, there is no best way to handle this money. Some retirees prefer taking a lump sum distribution each year. Others prefer a series of smaller monthly withdrawals. It's all up to you.
When you leave a job, you generally have four things you can do with your retirement savings: Leave the money in your old employer's plan. Roll it over1 to your new employer's plan (if that's allowed) Roll it over to a new IRA.
You can also apply to transfer your funds from your TIAA-CREF IRA to your new investment company, provided you have opened a compatible retirement account with them. In such a case, you should call the representative, tell them what you need and they will provide you with all the relevant instructions.
Your TIAA Traditional balance would generate an annuity investment credit of $15.00. A plan servicing fee of $10.50 and a model portfolio fee of $4.50 would be deducted from your account.
You can also apply to transfer your funds from your TIAA-CREF IRA to your new investment company, provided you have opened a compatible retirement account with them. In such a case, you should call the representative, tell them what you need and they will provide you with all the relevant instructions.
Withdrawals are subject to ordinary income taxes, which can be higher than preferential tax rates on long-term capital gains from the sale of assets in taxable accounts, and, if taken prior to age 59½, may be subject to a 10% federal tax penalty (barring certain exceptions).
