By Terry Savage on September 24, 2019 | Wild Card

I am 72 years old and retired. I have an annuity of approximately $270,000 held at TIAA which I need to decide what to do with the funds. I understand that I can withdraw 10% of the annuity annually over ten years to dran down the account. My other options are payout over some specified number of years or alternatively, lifetime payout with or without benefits going to my spouse in the case of my death. What advice can you provide on how best to use the annuity?

Terry Says

The answer to that question requires knowing a lot more about your personal situation — your other assets, your health, your expenses, etc.  Just based on statistics, you don’t want to drain your entire account in 10 years– because you’re likely to live much longer.  This is where you need to meet with a FIDUCIARY financial planner — one who is not selling you anything, fully discloses all fees, and promises to put your interests first.  Seek one out at    And then please write back and let me know about your experience.



a personal
finance question