The normal retirement age is 65; however, you can receive a distribution at any age from your TIAA-CREF contracts following termination from employment with the RF.
Retirement funds can be collected in one of the forms specified in the chart below.You should also refer to the Benefits Handbook for more detailed information.
Income from each TIAA and CREF contract may begin on multiple dates using any combination of payout options, provided at least $10,000 of accumulation is specified for each starting date and option you choose.
Retirement distributions from TIAA-CREF contracts are normally subject to ordinary income taxes.
Refer to Making a Cash Withdrawal and Tax Implications in the Benefits Handbook.A 10 percent tax penalty will generally apply to cash withdrawals made before age 59½, unless you have medical expenses exceeding the tax-deductible limit, become disabled, die, or end employment at age 55 or older.
The information provided by TIAA-CREF is not intended to be solely relied upon for tax advice. You are encouraged to consult a tax advisor.
Contact your campus benefits office for more information.