The TIAA Traditional Annuity is a flagship product that has been a part of TIAA of over 100 years. It was created to help its members have a regular monthly income after they retire. You and your employer can contribute funds while you are working for the organization. While working, your account balance will grow thanks to the competitive interest rate. This interest accumulates at a guaranteed rate, plus additional money may be added on a year-by-year basis by the TIAA Board of Trustees. Once you retire, you can use some or all of your balance to provide you with a steady monthly income that you can't outlive.