While every situation is unique, TIAA's rule of thumb is to start by dividing your income sources into roughly one-third from annuity payments, one-third from Social Security and any pension payments, and the rest from withdrawals from investments and savings.

In addition to the inherent financial strength and soundness of our bank balance sheet, a significant percentage of TIAA Bank's deposit balances qualify to be insured by the Federal Deposit Insurance Corporation (FDIC).

TIAA-CREF plans restructuring to make CREF a separate account within TIAA. Executives of TIAA-CREF are moving to delete the hyphen from the financial services organization's name by eliminating CREF as a corporate entity and making it a separate account within the restructured TIAA.

TIAA is a stock New York life insurance company and is owned by the TIAA Board of Governors. CREF is a not-for-profit corporation based in New York, registered as an investment company with the Securities Exchange Commission.

The Bottom Line. TIAA serves over five million active and retired employees participating at more than 15,000 institutions. Today, TIAA's reach extends well beyond education, being the leading provider of financial services also in the research, medical, cultural, and governmental fields.

If you have other sources of liquid retirement savings invested in stocks and bonds (like a 401(k), Roth IRA, or traditional IRA) and the fixed income that the TIAA annuity can help fill a need for regular spending, it can be a great option. Likewise, the TIAA annuity does have some downsides.

The fund has returned 14.61 percent over the past year, 9.67 percent over the past three years, 10.09 percent over the past five years and 12.12 percent over the past decade.

TSRPX has a Zacks Mutual Fund Rank #1. TIAA-CREF Social Choice Equity Fund TICRX seeks returns similar to the Russell 3000 Index. TICRX advisors invest its assets in equity securities issued by companies after giving particular consideration to certain ESG criteria.

TIAA has an overall rating of 3.9 out of 5, based on over 3,450 reviews left anonymously by employees. 75% of employees would recommend working at TIAA to a friend and 63% have a positive outlook for the business. This rating has decreased by -1% over the last 12 months. Does TIAA pay their employees well?

You can take early benefits when you turn 62, but your monthly payments would be reduced permanently. It's generally better to wait to collect until your "full retirement age" of 66 or 67, determined by your birthdate.

The fund has returned 14.61 percent over the past year, 9.67 percent over the past three years, 10.09 percent over the past five years and 12.12 percent over the past decade.

Key takeaways Fidelity's guideline: Aim to save at least 1x your salary by 30, 3x by 40, 6x by 50, 8x by 60, and 10x by 67. Factors that will impact your personal savings goal include the age you plan to retire and the lifestyle you hope to have in retirement. If you're behind, don't fret.