TIAA Secure Income Account: Understanding your income options

- [Narrator] As you count down to retirement, consider how you can turn all your years of hard work and savings into income you can enjoy for the rest of your life. Ask yourself this. How can I have predictable income to help with everyday expenses and never run out? The TIAA secure income account offers options that let you use a portion of your savings for a stream of income that lasts as long as you live. The TIAA secure income account offers a recurring paycheck throughout retirement. The amount you're paid each month is guaranteed, no matter what happens in the market. It's income you can count on. You might use it to cover any gaps between your everyday expenses, such as housing, utilities, food or healthcare, and the income you may receive through Social Security or employer pensions. You have the flexibility to decide how to receive your income. For instance, choose a payout for yourself or payments to you and your spouse or partner. Either way, you can add beneficiary protection to guarantee that payments will continue for a defined period of time if you pass early. Let's take a look at an example. You might choose a single life option that is payments for yourself and your monthly payments will be $1,000. You can add a layer of protection to guarantee that payments will continue to a beneficiary if you pass away in the first 10 years. If you do, your payment amount adjusts. Or to protect your spouse or partner, you might choose an option that continues payments to them for life after you pass. Again, you might add a guarantee to continue payments for a specific amount of time if both you and your spouse or a partner pass early. In each case, the payment amount adjusts. This is only one example. You have several options for how you can continue payments to a spouse or partner to help you meet your needs and financial situation. You even have the flexibility to set up multiple payments, if that helps. For instance, set up monthly payments to help with predictable expenses. Then set up another annual payment, say at the end of the year to help with holiday expenses. As the calendar turns toward retirement, it's good to know your options so you can make timely decisions about your income. With help from your plan provider, you can retire with income that never runs out and enjoy your retirement with peace of mind knowing that you'll always have money coming in.