This material is for informational or educational purposes only and is not fiduciary investment advice, or a securities, investment strategy, or insurance product recommendation. This material does not consider an individual’s own objectives or circumstances which should be the basis of any investment decision.

¹ Source: Retirement Savings Shortfalls: Evidence From EBRI’s 2019 Retirement Security Projection Model^®

²All guarantees are based on TIAA’s claims-paying ability. Past performance is no guarantee of future results.

³Retirement checks refers to the annuity income received in retirement. Guarantees of fixed monthly payments are only associated with TIAA's fixed annuities.

⁴Lifetime income payments from TIAA Traditional may include a TIAA Loyalty Bonus^SM which is discretionary and determined annually.

⁵TIAA may share profits with TIAA Traditional Annuity owners through declared additional amounts of interest during accumulation, higher initial annuity income, and through further increases in annuity income benefits during retirement. These additional amounts are not guaranteed beyond the period for which they were declared.

⁶Subject to plan rules. If your plan offers investment options known as “competing funds” (for example, a money market account, short-term bond funds or the TIAA Real Estate Account) and you want to transfer money from TIAA Stable Value to one of those options, the amount you transfer must first be directed to a noncompeting option (for example, a stock fund or long-term bond fund), where it must remain for 90 days before being transferred to the competing fund. In addition, to minimize the negative effects of frequent trading, transfers into TIAA Stable Value may not be made for 30 days following a transfer out.

⁷Morningstar Direct, 07/15/2024. The CREF variable annuity accounts offer expense ratios below the average expense ratio of all mutual fund and all variable annuities. Our variable annuity accounts are subject to various fees and expenses, including but not limited to management, administrative, and distribution fees; our variable annuity products have an additional mortality and expense risk charge. Please see CREF prospectus for other fees or expenses.

⁸Annuity Account options are available through contracts issued by TIAA or CREF. These contracts are designed for retirement or other long-term goals, and offer a variety of income options, including lifetime income. Any guarantees under annuities issued by TIAA are subject to TIAA's claims-paying ability. Payments from the variable annuity accounts are not guaranteed and will rise and fall based on investment performance.

⁹The real estate industry is subject to various risks including fluctuations in underlying property values, expenses and income, and potential environmental liabilities.
In general, the value of the TIAA Real Estate Account will fluctuate based on the underlying value of the direct real estate, real estate-related investments, real estate-related securities and liquid, fixed income investments in which it invests. The risks associated with investing in the Real Estate Account include the risks associated with real estate ownership including, among other things, fluctuations in underlying property values, higher expenses or lower income than expected, risks associated with borrowing and potential environmental problems and liability, as well as risks associated with participant flows and conflicts of interest. For a more complete discussion of these and other risks, please consult the prospectus.

¹⁰Withdrawals of earnings are subject to ordinary income tax, plus a possible federal 10% penalty if you make a withdrawal before age 59 ½. Transfers out of the account to another TIAA or to a CREF account or into another investment option can be executed at any time, but are limited to once per calendar quarter, although some plans may allow systematic transfers that result in more than one transfer per calendar quarter, and certain other limited exceptions to this restriction apply.

¹¹TIAA Enterprise Analytics (2022).

¹²Diversification is a technique to help reduce risk. It is not guaranteed to protect against loss.

Annuity contracts may contain terms for keeping them in force. We can provide you with costs and complete details.

TIAA Traditional, TIAA Stable Value, and TIAA Secure Income Account are fixed annuity products issued through these contracts by Teachers Insurance and Annuity Association of America (TIAA), 730 Third Avenue, New York, NY, 10017: TIAA Traditional form series including but not limited to: 1000.24; G-1000.4; IGRS-01-84-ACC; IGRSP-01-84-ACC; 6008.8. TIAA Stable Value TIAA Contract form series – SV-01 and SV-02, TIAA Certificate series – SV-CERT1 and SV-CERT2. TIAA Secure Income Account form series TIAA-UQDIA-002-K and related state specific versions. Not all contracts are available in all states or currently issued.