Ask Terry Questions Cannot withdraw from TIAA, but I need to.

Cannot withdraw from TIAA, but I need to.

By Terry Savage on July 06, 2019 | Financial Planning / Retirement

I have $ in TIAA-CREF in the Traditional account, in the Defined Contribution Plan. Guaranteed Asset Class.
How can I withdraw it all? They say I can only withdraw $1,000/year. I’m 70 years old, and have need of it now for important remodels and a knee replacement. Is there a way to withdraw my total investment. The balance is no more than $20K. Thank you

Terry Says

I’m surprised to hear this.  I’m assuming the money is in some kind of IRA, in which case you should have access to ALL of it at any time.  Of course, you will have to pay ordinary income taxes on the withdrawals — so they will want to withhold at least 25 percent for taxes.   Call again, and talk to someone else — and get back to me with their reasoning if you can’t withdraw it.

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