TIAA Gold IRA is a financial organisation that claims to offer investing and insurance services to nonprofit workers in academic, research, medical, government, and cultural professions.
TIAA was intended to be a simple retirement program for teachers. However, it has grown into much more. But what investors want to know is whether TIAA has a gold IRA that may hold actual gold.
In this review, we will uncover whether the company offers Gold IRAs as well as other ins that you should be aware of. So, without further ado, let’s get started.
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What is TIAA Gold IRA?
TIAA has a long history going back to the late Andrew Carnegie, whose Carnegie Foundation for the Advancement of Teaching created the first organization to serve professors’ pension needs. The financial services firm was founded in 1918 with a $1 million Carnegie Foundation investment.
It was known as TIAA-CREF, which stood for Teachers Insurance and Annuity Association-College Retirement Equities Fund, until 2016, when it was renamed TIAA.
Their financial and money-management strategies are long-term. Their goal is to help their clients develop a healthy nest egg so they can be properly cared for and comfortable in their golden years.
The problem with TIAA gold IRA is that they never created an IRA that can hold real precious metals, so customers who desire the security of physical precious metals have to look elsewhere.
How did TIAA add the College Retirement Equities Fund (CREF)?
While the establishment of the Teachers Insurance and Annuity Association (TIAA) in 1918 as a means of providing guaranteed lifetime income and insurance was a groundbreaking new resource for teachers and educators, it was the establishment of the College Retirement Equities Fund (CREF) in 1952 that set the company on the path to becoming a diversified financial services firm.
CREF allowed customers to add equity investments to their own portfolios through a variable annuity product, citing rising life expectancies. It was intended to exploit the greater predicted returns of stocks to help workers stretch out their retirement income streams.
In 1952, Fortune magazine called CREF “the biggest development in the insurance investment business since the passage of the Social Security Act in 1935.”
In 2016, TIAA dropped CREF from its name.
What Products & Services does TIAA Gold IRA offer?
TIAA has undertaken a few acquisitions in the last decade to expand its portfolio and product offerings.
- In April 2014, TIAA announced a $6.25 billion acquisition of Nuveen Investments.
- TIAA stated in April 2015 that it had purchased full control of TIAA Henderson Real Estate from its joint venture partner, Henderson Global Investors, for £80 million.
- In August 2016, TIAA agreed to buy EverBank Financial Corp. for $2.5 billion in cash. The transaction was finalised in June 2017.
TIAA Retirement Products
The company provides a wide range of retirement solutions. Among the most popular are:
TIAA-CREF Traditional Plan
This employer-sponsored plan is a defined-contribution plan, similar to a 401(k), with significant differences in structure, funding, investments, and payments. The TIAA-CREF Traditional plan, which can be funded with either fixed or variable annuities, focuses on providing lifetime income in retirement rather than tax-free wealth accumulation.
The eight possible variable CREF structures are Stock Account, Growth Account, Global Equities Account, Equity Index Account, Social Choice Account, Bond Market Account, Inflation-Linked Bond Account, and Money Market Account.
TIAA Personal Annuities
You can also buy a personal annuity directly from TIAA, which has fixed and variable options. Even during economic downturns, a fixed annuity rises at a gradual but consistent rate as you save. There are no required withdrawals before the age of 90, and the money in your annuity grows tax-free. There are several time periods to choose from.
A variable annuity provides the opportunity for further growth through investments, but it is vulnerable to market fluctuations. There are almost no contribution limits, allowing you to continue investing for retirement after you have exhausted your 401(k), 403(b), or individual retirement account (IRA).
TIAA provides more than 60 investment options, and your money grows tax-free.
TIAA IRAs
The company provides standard and Roth IRAs, as well as the ability to roll over other retirement accounts— 401(k), 403(b), or IRA plans—into a new or existing TIAA IRA. Rollovers can also occur in the opposite direction, from a TIAA plan to a regular retirement account.
Traditional IRAs offer a tax break on money deposited, but you must pay taxes on money withdrawn. Roth IRAs are funded using after-tax dollars, so withdrawals are tax-free. SEP and SIMPLE IRAs are also available from TIAA for small businesses.
TIAA Target-Date Funds
Target-date funds, also known as “lifecycle” funds by TIAA, allow you to invest in mutual funds. You select a retirement date, and the fund automatically adjusts its balance of high-risk and low-risk investments over time, with the latter growing as you reach your retirement date.
What are the Pros & Cons of TIAA Gold IRA?
Consider the following TIAA Gold IRA pros & cons before working with them:
Pros
- Multiple account types
- Good educational tools
- One-on-one support
Cons
- They do not offer IRAs that can hold physical gold
- Lack of branch locations for self-managed clients
- TIAA website has no advanced trading tools
- Poor online presence
- Unimpressive mobile app
My Recommended TIAA Gold IRA Alternative
I don’t recommend investing in a gold IRA with TIAA. Why? Because they don’t specialize in this area.
I recommend going with our top-rated company: Augusta Precious Metals. You can check out my review of them here.
Augusta Precious Metals is regarded as one of the most trustworthy companies in the market. Their company was founded in 2012, and their main goal is to help their clients have a better retirement.
Thousands of good reviews about their products and services can be found on numerous websites. This shows how successfully they achieve their tasks and handle their customers regardless of their needs.
Augusta Precious Metals maintains its leadership position by providing its clients with educational resources. This is excellent for people who need more field experience and understanding.
It is also significantly easier to open an account with them. You will still have to deal with paperwork, but they will assist you through the process to ensure everything is in order.
The only disadvantage of the company is its high minimum investment requirement of $50,000. Others may think this is overpriced, but rest assured that they will keep your assets and cash protected.
Pros:
- Kingdom Trust, which manages over $12 billion in assets, has been a long-term partner.
- A wide range of products are offered.
- A long list of coins
- All orders receive free shipping.
Cons:
- The minimum investment cost is $50,000.
What Makes Gold an Ideal Investment For Your IRA?
Invest in an Individual Retirement Account (IRA) to safeguard your retirement and the financial stability of your family.
To guarantee your future, you must devote a major amount of your long-term savings to reliable assets.
As the value of cash in an IRA depreciates rapidly and inflation rises, you need a stable asset that will retain its value and expand over time. Without question, gold is the best alternative for this purpose.
As the global economy struggles with lockdowns, shortages, conflicts, and inflation, investors are concerned. Many people invest in gold IRAs to protect their wealth and achieve a better future.
During a crisis, when other assets suffer, a gold IRA investment thrives. The greatest risk is failing to protect yourself and your family, but you can simply ensure your financial future with a Gold IRA. You achieve safety by being aware of economic risks and taking proactive steps to prevent them.
TIAA Gold IRA: Conclusion
TIAA is a reputable financial organisation that provides a variety of retirement solutions and investing options. However, when it comes to gold IRAs, TIAA does not allow you to hold real gold. This could be a drawback for investors who want the security and diversity that comes with owning precious metals.
If you are specifically looking for a gold IRA, it is recommended that you look into different companies that specialise in this field, such as Augusta Precious Metals. Augusta Precious Metals has established itself as a reliable organisation in the market, with a focus on helping clients in achieving a better retirement.