Greg Shepard - S&A Financial Services, Inc.
Welcome to S&A Financial Services with Greg Shepard, your trusted partner in optimizing your higher education retirement plan. In this video, Greg addresses a common misconception regarding the cost of TIAA Traditional.
Many individuals believe that choosing a TIAA Traditional annuity option is entirely free. However, Greg sheds light on the fact that there is indeed a cost associated with these annuity options.
Greg explains that the single life annuity option provides the highest monthly payout from your TIAA Traditional account. It involves turning on your principal, and TIAA uses an actuarial formula to calculate the payments based on your life expectancy.
When individuals explore other annuity options, such as the joint life survivor benefit for married couples, the payout amount decreases. This decrease in payment is the cost of the insurance provided by TIAA. The difference between the original payout and the reduced amount represents the cost of the insurance coverage.
Greg emphasizes the significance of recognizing that TIAA is an insurance company offering annuity products. The guarantee provided by TIAA is contingent on the financial stability and strength of the company. TIAA has a strong reputation and is considered financially solvent, but it's crucial to acknowledge that there is always a cost associated with insurance products.
Greg concludes by urging viewers not to be misled into thinking that TIAA Traditional annuity options are entirely free. Understanding the cost of these options is vital when making informed decisions about your higher education retirement plan.
If you have questions about the cost or want to discuss your specific situation, Greg encourages you to reach out to him. He is available to provide personalized guidance and help you navigate the complexities of your retirement plan.
Remember, knowledge is power, and being well-informed about the cost and implications of your TIAA Traditional annuity options will empower you to make the best decisions for your financial future. Watch this video now and gain valuable insights to maximize your higher education retirement plan!
Disclaimer: This video provides educational information and should not be considered as investment advice. Always consult with a qualified financial advisor before making any financial decisions.
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email: greg@shepardfinancial.com
913-521-2381
*Disclosure* S&A Financial Services, Inc. is a registered investment advisor. Content presented is for informational purposes only and should not be considered as investment advice or as an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Always consult with your tax advisor or attorney regarding your specific situation.
