Getting money out of annuity when TIAA says it is impossible.
I have a 403b with TIAA, and opted to receive direct deposit funds monthly instead of annually after I retired. When asked why I couldn’t withdraw out all of my money, I was told this 403b was a sub-plan transfer payout annuity, which is not an annuity but follows similar rules. Retirement Annuity = RESTRICTIONS. I’m broke, drowning in debt, and I want my money. It’s my money. TIAA could not tell me how much money I have left without submitting a work order. Is there anything I could do to get these funds? If I file for bankruptcy, will the federal court be able to use these funds to pay my creditors? Thank you!
Terry Says
Whew — you didn’t know what you had gotten into. But in hindsight, that might have been good protection, because your 403b is protected from creditors in bankruptcy!
I suggest you contact the National Foundation for Credit Counseling at 800-388-2227 and get their advice regarding your debts. Maybe bankruptcy is the only solution. You can trust their advice.
