I retired 2 years ago from a teaching position where I foolishly opted out of the state retirement system at the beginning of my tenure and into TIAA-CREF for my pension when I didn't know any better. Yes, I know I have been sucker punched.
As a result my pension is about 1/3 of what it would have been. I have not made any decisions yet to start withdrawing from the account.
Fortunately I made a point of saving enough to easily take my wife and I through retirement with a very nice balance left for the kids and grandkids without the TIAA-CREF money but I would like to start accessing my money before too long. At the moment we have investments in Vanguard Wellesly, Wellington, TR Price 2015 Retirement fund and a few stocks but have no need to tap into these until required at 70 ½..
Presently I have a balance of 134k in the CREF Equity Index fund and could use some help from anyone with TIAA-CREF experience in this type of situation.
I would like to get the maximum out of my money and there is no need to have any remaining for anyone when I am gone.
Is there a preferred type of annuity or might it be preferable to take all the money and run? The different kinds of annuities are confusing so I would appreciate someone with TIAA-CREF experience that can offer some good advice for someone in my situation. I believe if I take the money it has to be over a few years.