Additionally, TIAA-CREF offers four IRAs and six mutual funds that may also be used effectively to contribute to individual financial plans. All earnings are tax-deferred. Above that limit, the deduction is phased out.
Withdrawals are taxable as ordinary income.
A variety of payout options are available. Contributions to a Roth IRA must be made no later than the date on which your income tax is filed for the previous year or no later than April 15 if you apply for an extension. You may continue to make contributions after age 70 . There are no mandatory withdrawals at any age. Contributions can always be withdrawn with no federal tax or penalty.