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Bob, I feel your pain I really do. Have you ever dealt with TRS? I spent something like 6 months to a year, including meeting in person at least a monthly basis, to get my parents' retirement accounts straightened out with them. Dealing with TRS and TIAA is like night and, well, twilight.
You find yourself in the position of having clients dump all their TIAA issues in your lap, and being largely unable to help because of the lock up. Here though, I'm somewhat unsympathetic to the "victims". Don't invest in what you don't understand.
At retirement, TIAA usually does not require participants to annuitize (the 10-year certain TPA or a lifetime annuity). Most contracts allow retireees to keep money in TIAA Traditional, subject only to RMD requirements. On the other hand, if you want your money immediately at retirement, some contracts (e.g. SRA, GSRA) allow that. The tradeoff is that participants get a lower rate of return. Flexibility isn't free, at TIAA or elsewhere. See FAQ #27: https://www.tiaa.org/public/pdf/TT_FAQ.pdf TIAA Guide to Your Payment Options: https://www.tiaa.org/public/pdf/TT_FAQ.pdf
As a DIY retail investor, I personally focus more on the investment products available and their costs than the service offered. So I'll invest with Vanguard, even though the service I receive isn't as great as it is at Schwab or Fidelity. Likewise, if TIAA has something different to offer me, I'll consider them as well. So long as they can get their 1099s straight (something that Scottrade botched badly when I tried them out years ago), I can live with most other foibles. But each person has his own priorities.
@Maurice- Thanks for the update. I didn't realize that Schwab had different types of offices, as the one a short block away (a three minute walk, perhaps a few seconds longer at rush hour) is a full service office. No appointment necessary for regular transactions, but a good idea to make an appointment if you need to talk to the manager, as their client schedules can be a bit heavy at times.
Both the loaf of Seinfield fame and its European cousin are yeast-raised, butter-enriched loaves that exist halfway between dessert and breakfast food. And there’s no question that the American loaf is the younger, sexier cousin.
@Maurice, love Wegmans. It's my number one go to super market. Best thing to come out of Rochester since Kodak film. Good luck with your Schwab meeting.
Old_Joe , lots of places in SF to buy babka. I know it as a Turkish or Greek desert kuchen/bread, but not sure of it's origin. It is a little too sweet for me, but pretty good none the less. You're probably walking by one of these bakery's on the way to talk to your Charles Schwab adviser
Comments
You find yourself in the position of having clients dump all their TIAA issues in your lap, and being largely unable to help because of the lock up. Here though, I'm somewhat unsympathetic to the "victims". Don't invest in what you don't understand.
At retirement, TIAA usually does not require participants to annuitize (the 10-year certain TPA or a lifetime annuity). Most contracts allow retireees to keep money in TIAA Traditional, subject only to RMD requirements. On the other hand, if you want your money immediately at retirement, some contracts (e.g. SRA, GSRA) allow that. The tradeoff is that participants get a lower rate of return. Flexibility isn't free, at TIAA or elsewhere.
See FAQ #27: https://www.tiaa.org/public/pdf/TT_FAQ.pdf
TIAA Guide to Your Payment Options: https://www.tiaa.org/public/pdf/TT_FAQ.pdf
As a DIY retail investor, I personally focus more on the investment products available and their costs than the service offered. So I'll invest with Vanguard, even though the service I receive isn't as great as it is at Schwab or Fidelity. Likewise, if TIAA has something different to offer me, I'll consider them as well. So long as they can get their 1099s straight (something that Scottrade botched badly when I tried them out years ago), I can live with most other foibles. But each person has his own priorities.
Good luck- OJ
ps- the cinnamon sounds great- whats a "bubka"?
http://www.yesterdish.com/2014/12/25/yesterdishs-chocolate-babka/
https://www.yelp.com/search?find_desc=babka&find_loc=San+Francisco,+CA
Thanks- OJ