Spousal IRAs

Consolidating separate retirement accounts belonging to you and your spouse/domestic partner into an IRA may help you overcome the following financial planning challenges:1

  1. You're spending too much time on paperwork. Keeping track of multiple plans can become unmanageable. Getting multiple statements, keeping track of what's happening. Knowing what to keep, what to throw out. And if you have a spouse or domestic partner, the task can be twice as time consuming.
  2. You're having trouble getting a complete and clear picture of your financial position. Remember, you're not necessarily well diversified just because you have assets in several different retirement plans. By rolling over multiple retirement accounts to a single IRA, chances are you'll find it much easier to review and fine-tune your asset allocation strategy. And you'll be in a better position to track your potential returns and make sure they're in line with your retirement time horizon.
  3. You're paying considerable expenses on your retirement money. Remember, you pay management fees on each retirement account you own. So if you have retirement money in two or more places, your expenses could be taking a large bite out of your returns.

The solution: Roll over multiple retirement accounts to a single IRA.

So you've decided it's time to consolidate. But which company should you roll over to? It's important to choose one that understands the specific needs of people saving for retirement. Here's what to look for:

  • A reputation for integrity and stability — TIAA is one of only three insurance groups in the United States to hold the highest ratings currently awarded from all four leading independent insurance industry ratings agencies.2
  • Opportunities to diversify over an array of asset classes, such as guaranteed, money market, fixed income, real estate and stocks.
  • Performance that speaks for itself. Check out the most recent numbers for TIAA-CREF's range of mutual fund and annuity accounts.3
  • Lower expenses. In addition to any product features, look carefully at the associated fees and charges before you invest. Sales, surrender, and transaction costs vary widely from company to company. Even when such fees are low or waived, annual expense charges can make a big difference in your total return over time.
  • A wide array of customized income options. When the time comes to receive income from your accumulation, you want a retirement company that can provide an income stream to help ensure a smooth transition from work to retirement. Examples: lump-sum and periodic payments, systematic withdrawals, minimum distributions, and lifetime annuity income. Withdrawals may be subject to ordinary income tax and a federal 10% early withdrawal penalty may apply prior to age 59½.

To find out more about IRAs and the rules for rollovers and transfers, call us at 800 842-2252.

1 Carefully consider differences in features, costs, charges and expenses, services, company strength and other important aspects. There may also be surrender charges and tax consequences associated with the transfer. Indirect transfers may be subject to taxation and penalties. Consult with your own advisors regarding your particular situation.

2 For its stability, claims-paying ability and overall financial strength, TIAA currently holds the following ratings: A.M. Best (A++ as of 4/12), Fitch (AAA as of 6/12), Moody's Investors Service (Aaa as of 6/12) and Standard & Poor's (AA+ as of 5/12). Per S&P criteria, the downgrade of US long-term government debt limits the highest rating of U.S. insurers to AA+ (the second highest rating available).There is no guarantee that current ratings will be maintained. Ratings represent a company’s ability to meet policyholders’ obligations and claims and do not apply to variable annuities, mutual funds or any other product or service not fully backed by TIAA's claims-paying ability.

3 Past performance cannot guarantee future results.

Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY.TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.

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© 2014 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017