This material is for informational or educational purposes only and does not constitute a recommendation or investment advice in connection with a distribution, transfer or rollover, a purchase or sale of securities or other investment property, or the management of securities or other investments, including the development of an investment strategy or retention of an investment manager or advisor. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made in consultation with an investor’s personal advisor based on the investor’s own objectives and circumstances.

TIAA products may be subject to market and other risk factors.

Any guarantees under fixed annuities issued by TIAA are subject to TIAA’s claims-paying ability.

Certain products and services are only available to eligible individuals.

The TIAA group of companies does not provide legal or tax advice. Please consult your legal or tax advisor.