Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
TIAA-CREF can be mentally and developmentally disabled
Old 01-23-2007, 01:56 PM   #1
Full time employment: Posting here.
 
Join Date: Sep 2006
Posts: 608
TIAA-CREF can be mentally and developmentally disabled


I annuitized my TIAA-CREF retirement account recently and was repeatedly
assured that I could change the allocations (to various investment classes)
even after the annuitization was done. So I call the other day and say
"please put 15% in large-cap value, 15% in inflation-linked bond, blah,
blah,blah". Today they call back and say "we can't do that, we can't
allocate by percentages, you can only move fron one account to another".
Apparently they don't have the wherewithal to compute what must be
moved to end up with my desired allocation. This wouldn't be so bad,
except it's not possible to even see what my present allocations are on
their website !!! (It's possible to see one's un-annuitized assets, but not
after it's been annuitized). They have to read them out to you on the
phone - that's right, so I can then enter them into a spreadsheet and
figure out what to move where in order to get my desired percentage.

It's worse than that, because what they give you is the number of
"accumulation units", each of which as a certain payout. So things
are allocated by what they pay out, not what their principal value is.
Question: does it make sense to allocate payout with the same
percentages one normally would allocate accumulation ?

Ok, just wanted to vent a little, and to ask for confirmation that yes,
it IS the year 2007, because I was starting to wonder. Also wondering
if maybe I'm being incorrect info, because I can't quite believe it's THIS
retarded ... Thanks.

__________________

__________________
JohnEyles is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: TIAA-CREF can be mentally and developmentally disabled
Old 01-23-2007, 03:26 PM   #2
Thinks s/he gets paid by the post
grumpy's Avatar
 
Join Date: Jul 2004
Posts: 1,321
Re: TIAA-CREF can be mentally and developmentally disabled

Rusty,

I don't know anything about TIAA-CRFE but I am puzzled by the concept of reallocating once you have annuitized. As I understand annuitizing, you give up control of the underlying investment principal in return for a fixed monthly payment for life (or some other option such as a certain # of payments). I have never heard of an arrangement under which you can receive an annuity payment but still control the investment allocation. I learn something new every day.

Grumpy
__________________

__________________
...you can check out any time you like, but you can never leave...
grumpy is offline   Reply With Quote
Re: TIAA-CREF can be mentally and developmentally disabled
Old 01-23-2007, 03:29 PM   #3
Moderator Emeritus
Rich_by_the_Bay's Avatar
 
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
Re: TIAA-CREF can be mentally and developmentally disabled

Quote:
Originally Posted by grumpy
I don't know anything about TIAA-CRFE but I am puzzled by the concept of reallocating once you have annuitized. As I understand annuitizing, you give up control of the underlying investment principal in return for a fixed monthly payment for life (or some other option such as a certain # of payments). I have never heard of an arrangement under which you can receive an annuity payment but still control the investment allocation. I learn something new every day.
I'm guessing he has a variable annuity - those let you pick and choose, I believe.
__________________
Rich
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.

As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
Rich_by_the_Bay is offline   Reply With Quote
Re: TIAA-CREF can be mentally and developmentally disabled
Old 01-23-2007, 03:34 PM   #4
Full time employment: Posting here.
 
Join Date: Oct 2003
Posts: 961
Re: TIAA-CREF can be mentally and developmentally disabled

RustyShackleford,

Having dealt w/ the TC people over the phone before, I can feel your frustration. Have you thought about actually meeting w/ a person from TC at your school, or in the Chapel Hill area. You can schedule a meeting in the next week or two through TC's website (or over the phone too )

I know some people who visit Morningstar's TIAA-CREF Forum have annuitized various TC retirement accounts together. One poster, "uphaus", a retired Michigan State English prof, annuitized TIAA, Real Estate, and inflation linked bond together. You could try to see if any of them have reallocated any of it.

- Alec
__________________
ats5g is offline   Reply With Quote
Re: TIAA-CREF can be mentally and developmentally disabled
Old 01-24-2007, 01:26 AM   #5
Full time employment: Posting here.
 
Join Date: Sep 2006
Posts: 608
Re: TIAA-CREF can be mentally and developmentally disabled

Quote:
Originally Posted by grumpy
Rusty,

I don't know anything about TIAA-CRFE but I am puzzled by the concept of reallocating once you have annuitized. As I understand annuitizing, you give up control of the underlying investment principal in return for a fixed monthly payment for life ...

Thanks for all the ideas, folks. Yes (as one person said), it's a variable annuity and
thus the payments depend on the performance of the underlying investments and
thus it's important to allocate them in some sensible fashion. I suppose one might ask
why I didn't have them allocated in some sensible fashion BEFORE I annuitized, but
then there's always the issue of rebalancing ...

__________________
JohnEyles is offline   Reply With Quote
Re: TIAA-CREF can be mentally and developmentally disabled
Old 01-24-2007, 01:10 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Re: TIAA-CREF can be mentally and developmentally disabled

Don't get me started on TIAA--------IMHO......they SUCK!!!
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Re: TIAA-CREF can be mentally and developmentally disabled
Old 01-24-2007, 02:43 PM   #7
Full time employment: Posting here.
 
Join Date: Sep 2006
Posts: 608
Re: TIAA-CREF can be mentally and developmentally disabled

Quote:
Originally Posted by FinanceDude
Don't get me started on TIAA--------IMHO......they SUCK!!!
Can you be a bit more specific ?

__________________
JohnEyles is offline   Reply With Quote
Re: TIAA-CREF can be mentally and developmentally disabled
Old 01-24-2007, 04:08 PM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Re: TIAA-CREF can be mentally and developmentally disabled

Quote:
Originally Posted by RustyShackleford
Can you be a bit more specific ?
Their funds are fine, their low expenses are fine...........their customer service, and/or if you DARE try to move funds out of there for any reason? Bad......... :P :P :P

Am still fighting with them on my sister's 403B account...........can't get anyone there to answer my questions........and waiting on hold for 20 minutes every time I call is getting old........... :P
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Re: TIAA-CREF can be mentally and developmentally disabled
Old 01-24-2007, 04:29 PM   #9
Full time employment: Posting here.
 
Join Date: Sep 2006
Posts: 608
Re: TIAA-CREF can be mentally and developmentally disabled

Quote:
Originally Posted by FinanceDude
Their funds are fine, their low expenses are fine...........their customer service, and/or if you DARE try to move funds out of there for any reason? Bad......... :P :P :P
Damn. The rates on the Vanguard/AIG SPIA have been creeping up to where
I'll get 4.4% WR with COLA (CPI capped at 10%) so I'm gonna jump and move a
TC after-tax annuity there. (It's only 7% of my egg). To lock in the quote,
paperwork has to be there in 7days ... but, they allow 90 days for the money to
arrive, so hopefully even that will be ok with TC's glacial pace.



__________________
JohnEyles is offline   Reply With Quote
Re: TIAA-CREF can be mentally and developmentally disabled
Old 01-24-2007, 07:26 PM   #10
Full time employment: Posting here.
 
Join Date: Oct 2003
Posts: 961
Re: TIAA-CREF can be mentally and developmentally disabled

Rusty,

Let us know how the reallocation of the variable annuities go. I've got some family members that are probably going to consider annuitizing w/ TC in the next couple of years.

Thanks,
- Alec
__________________

__________________
ats5g is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 12:05 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.