Can I take out a loan from my TIAA-CREF account?

TIAA-CREF offers the option for participants in certain retirement plans to take out loans against their account balances. These loans can provide a source of funds for various needs, such as purchasing a home, paying for education, or addressing personal expenses. Generally, the amount a participant can borrow is typically limited to a percentage of their vested account balance, and there may be specific terms regarding repayment periods and interest rates. It is important to note that loans from retirement accounts can have implications for future retirement savings, as any borrowed amounts can affect the compounding of investments during the loan period. Additionally, if a participant does not repay the loan according to the agreed terms, it may be treated as a distribution and subject to taxes and penalties. Individuals interested in this option should refer to the official TIAA-CREF website for detailed information on loan eligibility, terms, and the specific procedures to initiate a loan from their accounts. The website will also provide contact information for further inquiries.