TIAA was founded 100 years ago by Andrew Carnegie to provide college professors with retirement income through employment-based annuities. This was an innovative concept for the time, predating the Social Security system by two decades.
The first product was a low-cost in-plan annuity option offering safety, stability and guaranteed income for life. The annuities sold by TIAA became the model for the tax-deferred annuities that form the basis of Section 403(b) of the tax code.
Today, the retirement industry is focused on how to translate retirement savings into income that will last for life.There are several reasons for this — in […]
Full Post at www.investmentnews.com