Are there any tax advantages to investing with TIAA-CREF?
Asked 6 months ago
Yes, investing with TIAA-CREF offers several tax advantages. Firstly, contributions to TIAA-CREF retirement accounts, such as 401(k)s and IRAs, are tax-deductible, helping to reduce taxable income for the year. Secondly, earnings in these accounts grow tax-deferred, meaning there will be no tax on the investment gains until withdrawal. Additionally, certain TIAA-CREF investment options, like annuities, provide the option for tax-free growth. Lastly, when it comes time to retire and withdraw funds, TIAA-CREF offers a variety of distribution options that can help minimize taxes. For example, taking periodic payments rather than a lump sum may help spread out the tax burden. It is important to note that taxes can be complex and everyone's situation is unique, so it is advisable to consult with a tax professional for personalized advice.
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