TIAA IRA question
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TIAA IRA question
I am considering making an IRA transfer to Tiaa Traditional. The only Tiaa traditional I qualify for (due to working more than 3 years in a government job) is outside the group plans and pays 2.8% for August deposits until the end of Fed 2023 then the interest rate is reset to what ever is deemed competitive-- I assume.
I like that this Tiaa Traditional fund is totally liquid and a higher rate than the MM I am in at Vanguard.
My question is: Does Tiaa have access to brokered CDs like my IRA does at Vanguard. If I can get a higher rate over a two year period with a brokered CD, I might want to park some money there. Has anyone here purchased brokered CDs at TIAA within their IRA? When I look at Tiaa brokerage options outside the IRA I see this option mentioned but when I look at the options in the IRA, it just shows mutual funds and annuity products. Looking forward to your response.
Thanks,
RR
I like that this Tiaa Traditional fund is totally liquid and a higher rate than the MM I am in at Vanguard.
My question is: Does Tiaa have access to brokered CDs like my IRA does at Vanguard. If I can get a higher rate over a two year period with a brokered CD, I might want to park some money there. Has anyone here purchased brokered CDs at TIAA within their IRA? When I look at Tiaa brokerage options outside the IRA I see this option mentioned but when I look at the options in the IRA, it just shows mutual funds and annuity products. Looking forward to your response.
Thanks,
RR
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Re: TIAA IRA question
And the answer is....Drum roll....Yes you can. You set up a sub account within the same IRA and transfer funds to this sub brokerage account that has more options than the Tiaa traditional plan. It typically takes 2 days to transfer funds back and forth. On the brokerage IRA side, you can purchase brokered CDs, treasuries, etfs and stocks. You can also purchase mutual funds but if TIAA doesn't have an agreement with them then it costs $50.relativeratio wrote: ↑Thu Aug 11, 2022 5:59 am I am considering making an IRA transfer to Tiaa Traditional. The only Tiaa traditional I qualify for (due to working more than 3 years in a government job) is outside the group plans and pays 2.8% for August deposits until the end of Fed 2023 then the interest rate is reset to what ever is deemed competitive-- I assume.
I like that this Tiaa Traditional fund is totally liquid and a higher rate than the MM I am in at Vanguard.
My question is: Does Tiaa have access to brokered CDs like my IRA does at Vanguard. If I can get a higher rate over a two year period with a brokered CD, I might want to park some money there. Has anyone here purchased brokered CDs at TIAA within their IRA? When I look at Tiaa brokerage options outside the IRA I see this option mentioned but when I look at the options in the IRA, it just shows mutual funds and annuity products. Looking forward to your response.
Thanks,
RR
Re: TIAA IRA question
When I log into my TIAA IRA, and choose Trade|Fixed Income, there is an option to look at a CD display. Right now it starts like this:
but there are many more lines in the display. I have never actually bought one.
Note that some account holders find TIAA's brokerage platform to be relatively weak and bug-prone, compared to, say, Vanguard. But I added the brokerage platform many years ago to get access to lower-cost products than available to me in the basic IRA wrapper-account. The brokerage numbers are not well-integrated into TIAA's asset-allocation reporting, among other things. They tend to look like "other".
I use TIAA Traditional, buy-and-hold, for a large portion of my fixed-income retirement savings.
Code: Select all
5 1,000 ALLY BK MIDVALE, UT 1mo 1.750 09/19/2022 None 100.000 1.750 Buy
5 2,000 BAYCOAST BK SWANSEA, MA 1mo 2.050 09/22/2022 None TX 100.000 2.050 Buy
5 1,000 ALLY BK MIDVALE, UT 2mo 2.000 10/18/2022 None 100.000 2.000 Buy
5 1,000 ALLY BK MIDVALE, UT 3mo 2.300 11/18/2022 None 100.000 2.300 Buy
5 2,000 SANTANDER BK NA WILMINGTON, DE 3mo 2.400 11/21/2022 None 100.000 2.400 Buy
5 1,000 BANK OF CHINA NEW YORK, NEW YORK 6mo 2.700 02/17/2023 None FA, MT, OH, TX 100.000 2.700 Buy
5 2,000 BEAL BK USA LAS VEGAS, NV 6mo 2.700 02/22/2023 None OH, TX 100.000 2.700 Buy
5 1,000 BANK OF CHINA NEW YORK, NEW YORK 9mo 2.850 05/17/2023 None FA, MT, OH, TX 100.000 2.850 Buy
5 2,000 BEAL BK USA LAS VEGAS, NV 9mo 2.850 05/24/2023 None OH, TX 100.000 2.850 Buy
5 2,000 BANK OF CHINA NEW YORK, NEW YORK 1yr 3.000 08/17/2023 None FA, MT, OH, TX 100.000 3.000 Buy
5 2,000 MORGAN STANLEY BK NA SALT LAKE CITY, UT 1yr 2.800 08/18/2023 None 100.000 2.800 Buy
5 2,000 BEAL BK USA LAS VEGAS, NV 1yr 3.000 08/23/2023 None OH, TX 100.000 3.000 Buy
5 3,000 SAFRA NB OF NY NEW YORK, NY 13mo 3.050 09/25/2023 Semi-annual 100.000 3.052 Buy
5 2,000 MORGAN STANLEY BK NA SALT LAKE CITY, UT 18mo 3.050 02/20/2024 Semi-annual 100.000 3.050 Buy
5 1,000 PACIFIC WESTERN BK LOS ANGELES, CA 18mo 3.150 02/20/2024 Semi-annual 100.000 3.150 Buy
10 933 DISCOVER BK GREENWOOD, DE 2yr 3.300 08/15/2024 Semi-annual 100.000 3.300 Buy
5 2,000 AMERICAN EXPRESS NATIONAL BK SALT LAKE CITY, UT 2yr 3.350 08/19/2024 Semi-annual 100.000 3.350
Note that some account holders find TIAA's brokerage platform to be relatively weak and bug-prone, compared to, say, Vanguard. But I added the brokerage platform many years ago to get access to lower-cost products than available to me in the basic IRA wrapper-account. The brokerage numbers are not well-integrated into TIAA's asset-allocation reporting, among other things. They tend to look like "other".
I use TIAA Traditional, buy-and-hold, for a large portion of my fixed-income retirement savings.
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Re: TIAA IRA question
Cref, that's good info. Thanks for sharing. I will probably leave money in the Tiaa Traditional for yearly needs and put the rest in some CDs, and Treasuries in a ladder for future needs. I'm just going to keep it simple and safe. Maybe toss some ETFs into the mix for ten years down the road.crefwatch wrote: ↑Thu Aug 11, 2022 8:57 am When I log into my TIAA IRA, and choose Trade|Fixed Income, there is an option to look at a CD display. Right now it starts like this:
but there are many more lines in the display. I have never actually bought one.Code: Select all
5 1,000 ALLY BK MIDVALE, UT 1mo 1.750 09/19/2022 None 100.000 1.750 Buy 5 2,000 BAYCOAST BK SWANSEA, MA 1mo 2.050 09/22/2022 None TX 100.000 2.050 Buy 5 1,000 ALLY BK MIDVALE, UT 2mo 2.000 10/18/2022 None 100.000 2.000 Buy 5 1,000 ALLY BK MIDVALE, UT 3mo 2.300 11/18/2022 None 100.000 2.300 Buy 5 2,000 SANTANDER BK NA WILMINGTON, DE 3mo 2.400 11/21/2022 None 100.000 2.400 Buy 5 1,000 BANK OF CHINA NEW YORK, NEW YORK 6mo 2.700 02/17/2023 None FA, MT, OH, TX 100.000 2.700 Buy 5 2,000 BEAL BK USA LAS VEGAS, NV 6mo 2.700 02/22/2023 None OH, TX 100.000 2.700 Buy 5 1,000 BANK OF CHINA NEW YORK, NEW YORK 9mo 2.850 05/17/2023 None FA, MT, OH, TX 100.000 2.850 Buy 5 2,000 BEAL BK USA LAS VEGAS, NV 9mo 2.850 05/24/2023 None OH, TX 100.000 2.850 Buy 5 2,000 BANK OF CHINA NEW YORK, NEW YORK 1yr 3.000 08/17/2023 None FA, MT, OH, TX 100.000 3.000 Buy 5 2,000 MORGAN STANLEY BK NA SALT LAKE CITY, UT 1yr 2.800 08/18/2023 None 100.000 2.800 Buy 5 2,000 BEAL BK USA LAS VEGAS, NV 1yr 3.000 08/23/2023 None OH, TX 100.000 3.000 Buy 5 3,000 SAFRA NB OF NY NEW YORK, NY 13mo 3.050 09/25/2023 Semi-annual 100.000 3.052 Buy 5 2,000 MORGAN STANLEY BK NA SALT LAKE CITY, UT 18mo 3.050 02/20/2024 Semi-annual 100.000 3.050 Buy 5 1,000 PACIFIC WESTERN BK LOS ANGELES, CA 18mo 3.150 02/20/2024 Semi-annual 100.000 3.150 Buy 10 933 DISCOVER BK GREENWOOD, DE 2yr 3.300 08/15/2024 Semi-annual 100.000 3.300 Buy 5 2,000 AMERICAN EXPRESS NATIONAL BK SALT LAKE CITY, UT 2yr 3.350 08/19/2024 Semi-annual 100.000 3.350
Note that some account holders find TIAA's brokerage platform to be relatively weak and bug-prone, compared to, say, Vanguard. But I added the brokerage platform many years ago to get access to lower-cost products than available to me in the basic IRA wrapper-account. The brokerage numbers are not well-integrated into TIAA's asset-allocation reporting, among other things. They tend to look like "other".
I use TIAA Traditional, buy-and-hold, for a large portion of my fixed-income retirement savings.
Re: TIAA IRA question
I have a IRAs at TIAA. My only investments are TIAA Traditional (liquid, with 3% minimum) and real estate.
At one point I wanted to sell some real estate and buy equities, but there were no low cost choices in the IRA. So I set up the self-directed brokerage link. It was a clunky interface and it was not seamless to move money from one to the other. Finally I got it set up and put in a buy order for VTI. It was rejected even though I had adequate settled cash in the sweep.
The reason turned out to be that it was one of those bank holidays when the market is open. The brokerage link sweep is a FDIC bank and is not available on bank holidays. Those funds are now sitting in a Fidelity IRA. And getting them there was another long story.
--vtMaps
At one point I wanted to sell some real estate and buy equities, but there were no low cost choices in the IRA. So I set up the self-directed brokerage link. It was a clunky interface and it was not seamless to move money from one to the other. Finally I got it set up and put in a buy order for VTI. It was rejected even though I had adequate settled cash in the sweep.
The reason turned out to be that it was one of those bank holidays when the market is open. The brokerage link sweep is a FDIC bank and is not available on bank holidays. Those funds are now sitting in a Fidelity IRA. And getting them there was another long story.
--vtMaps
"Truly, whoever can make you believe absurdities can make you commit atrocities" --Voltaire, as translated by Norman Lewis Torrey
Re: TIAA IRA question
I just helped someone who inherited a TIAA employer account transfer to a TIAA brokerage IRA in their own name, then transfer out to another brokerage.relativeratio wrote: ↑Thu Aug 11, 2022 1:59 pm I will probably leave money in the Tiaa Traditional for yearly needs and put the rest in some CDs, and Treasuries in a ladder for future needs.
So I'm no expert on TIAA IRAs, but I did note in reading the brokerage fee schedule that there was a minimum $50 fee for purchasing Treasuries (at auction or on secondary market). That's much different than other commonly used major brokerages (which have $0 fee.)
So go google "TIAA brokerage fee schedule" before deciding.
- ResearchMed
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Re: TIAA IRA question
You have a 3% guaranteed minimum Traditional Annuity at TIAA in an IRA?
I didn't know that was available.
RM
This signature is a placebo. You are in the control group.
Re: TIAA IRA question
It's not available anymore. Only my pre 2010 contributions have that guarantee. I have not made contributions since then.ResearchMed wrote: ↑Thu Aug 11, 2022 5:23 pmYou have a 3% guaranteed minimum Traditional Annuity at TIAA in an IRA?
I didn't know that was available.
RM
--vtMaps
"Truly, whoever can make you believe absurdities can make you commit atrocities" --Voltaire, as translated by Norman Lewis Torrey
- ResearchMed
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Re: TIAA IRA question
vtMaps wrote: ↑Thu Aug 11, 2022 5:29 pmIt's not available anymore. Only my pre 2010 contributions have that guarantee. I have not made contributions since then.ResearchMed wrote: ↑Thu Aug 11, 2022 5:23 pmYou have a 3% guaranteed minimum Traditional Annuity at TIAA in an IRA?
I didn't know that was available.
RM
--vtMaps
Ah.
Well, nice that you have that!
RM
This signature is a placebo. You are in the control group.
Re: TIAA IRA question
I am sorry to sound like a broken record, but this is a very concrete case of TIAA reacting to people taking advantage of liquid versions of TIAA Traditional. First, they created a new contract for IRAs, and then they froze "old money" in the earlier versions of the IRA contract. There is a price to be paid for "The Tragedy of the Commons."
Re: TIAA IRA question
fwiw, I have never taken advantage of the liquidity, but I stopped contributing when they took away the 3% minimum. And they did not "freeze old money". It's still liquid. They just closed the contract to new contributions.crefwatch wrote: ↑Fri Aug 12, 2022 8:43 am I am sorry to sound like a broken record, but this is a very concrete case of TIAA reacting to people taking advantage of liquid versions of TIAA Traditional. First, they created a new contract for IRAs, and then they froze "old money" in the earlier versions of the IRA contract. There is a price to be paid for "The Tragedy of the Commons."
--vtMaps
"Truly, whoever can make you believe absurdities can make you commit atrocities" --Voltaire, as translated by Norman Lewis Torrey
- cheese_breath
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Re: TIAA IRA question
I stopped doing Roth conversions then.vtMaps wrote: ↑Fri Aug 12, 2022 10:22 amfwiw, I have never taken advantage of the liquidity, but I stopped contributing when they took away the 3% minimum. And they did not "freeze old money". It's still liquid. They just closed the contract to new contributions.crefwatch wrote: ↑Fri Aug 12, 2022 8:43 am I am sorry to sound like a broken record, but this is a very concrete case of TIAA reacting to people taking advantage of liquid versions of TIAA Traditional. First, they created a new contract for IRAs, and then they froze "old money" in the earlier versions of the IRA contract. There is a price to be paid for "The Tragedy of the Commons."
--vtMaps
The surest way to know the future is when it becomes the past.