1. What is the TIAA Lifetime Income Calculator?

The TIAA Lifetime Income Calculator estimates monthly retirement income based on your account balance and annuity factors. It helps plan for guaranteed lifetime income through TIAA's annuity products.

2. How Does the Calculator Work?

The calculator uses the TIAA income formula:

Where:

• \( Balance \) — Your total retirement account balance
• \( Annuity Factor \) — Factor based on age, interest rates, and mortality assumptions

Explanation: The annuity factor represents how much capital is needed to generate $1 of monthly lifetime income based on current rates and life expectancy.

3. Importance of Lifetime Income Planning

Details: Lifetime income planning ensures financial security in retirement by converting retirement savings into guaranteed monthly payments that cannot be outlived.

4. Using the Calculator

Tips: Enter your total retirement balance and the current annuity factor provided by TIAA. The annuity factor varies based on age, interest rates, and contract type.

5. Frequently Asked Questions (FAQ)

Q1: What factors affect the annuity factor?
A: Age, current interest rates, mortality assumptions, and the specific TIAA annuity product chosen.

Q2: How often do annuity factors change?
A: Annuity factors typically change with interest rate fluctuations and are updated regularly by TIAA.

Q3: Is TIAA income guaranteed for life?
A: Yes, TIAA traditional annuities provide guaranteed lifetime income that cannot be outlived.

Q4: Can I change my income options after retirement?
A: Some TIAA contracts offer flexibility, but most lifetime income choices are irrevocable once payments begin.

Q5: How does this differ from systematic withdrawals?
A: Lifetime annuities provide guaranteed income regardless of market conditions or longevity, while systematic withdrawals depend on account performance and risk outliving your savings.