TIAA: Definition, History, And Retirement Products

(Many of the links in this article redirect to a specific reviewed product. Your purchase of these products through affiliate links helps to generate commission for LiveWell, at no extra cost. Learn more)

What is TIAA?

TIAA, which stands for Teachers Insurance and Annuity Association, is a financial services organization that provides retirement products and services for people working in the academic, research, medical, and cultural fields. With over 100 years of experience in the industry, TIAA has established itself as a trusted provider of retirement solutions, helping individuals plan for a secure financial future.

History of TIAA

TIAA was founded in 1918 by the Carnegie Foundation for the Advancement of Teaching. It was started as a way for teachers to have a reliable retirement income and was initially focused on providing annuities for educators. Over time, TIAA expanded its services and offerings to include a wide range of retirement products, including IRAs, 401(k) plans, and brokerage accounts.

Throughout its history, TIAA has maintained a strong commitment to its mission of helping individuals in the education and healthcare sectors achieve financial security in retirement. Today, TIAA serves more than 5 million individuals and has over $1 trillion in assets under management.

TIAA’s Retirement Products

TIAA offers a variety of retirement products and services to meet the unique needs of individuals in the academic, research, medical, and cultural fields. Here are some of the key retirement products offered by TIAA:

1. Annuities: TIAA is well-known for its annuity products, which provide a guaranteed income stream for life. These annuities can be customized to suit individual needs and preferences, offering options such as fixed or variable interest rates and the ability to allocate funds among different investment options.
2. IRAs: TIAA offers Individual Retirement Accounts (IRAs) that provide tax advantages for retirement savings. Whether you’re looking for a Traditional IRA or a Roth IRA, TIAA has options to help you save and grow your retirement nest egg.
3. 401(k) Plans: TIAA partners with employers to offer 401(k) plans that allow employees to save for retirement through pre-tax contributions. TIAA’s 401(k) plans typically offer a range of investment options, including mutual funds and target-date funds.
4. Brokerage Accounts: For those who prefer a more hands-on approach to investing, TIAA offers brokerage accounts that provide access to a wide range of investment options, including stocks, bonds, and exchange-traded funds.

With a long-standing history and a commitment to helping individuals in the education and healthcare sectors, TIAA has become a trusted provider of retirement solutions. Whether you’re looking for guaranteed income through annuities or prefer to manage your own investments through a brokerage account, TIAA has options to help you plan for a secure financial future.