What steps should I take if I am nearing retirement with TIAA-CREF?

When nearing retirement with TIAA-CREF, it is important to take several key steps to ensure a smooth transition into your post-work life and to maximize your retirement benefits. First, it is advisable to review your current financial situation. This means taking stock of your assets, liabilities, and overall retirement savings. Knowing your financial standing can help you make informed decisions as you approach retirement. Next, you may want to evaluate your retirement goals. Consider factors such as your desired lifestyle, expected expenses, and any plans for healthcare. This reflection can shape your strategy for utilizing TIAA-CREF products and services. After that, it is wise to assess your investment allocations. Depending on your risk tolerance and market conditions, you may need to adjust your portfolio to secure your retirement funds. It is common for individuals to shift toward more conservative investments as they approach retirement age. Additionally, you may want to explore the different income options available through TIAA-CREF, such as annuities or systematic withdrawals. Understanding these options can help you determine the best way to generate income during retirement. Lastly, consider the importance of estate planning. Reviewing and updating your beneficiary designations, wills, and any related documents can provide peace of mind. For specific guidance and assistance, checking the relevant web page for more information might be helpful.