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You’ve spent your career helping students think critically and grow confidently. But as you prepare for retirement from UNI, you're faced with a decision that rarely shows up in a syllabus: How do I turn decades of saving into a secure, flexible income stream that supports the life I want next?

If you're like many University of Northern Iowa (UNI) employees, you opted out of IPERS and instead put your trust—and your future—into TIAA and your 403(b).  But, as you look toward the next chapter, you're discovering it also comes with some confusion.

The good news? You don’t have to figure it all out alone.

As flat fee financial planners based right here in Iowa, we've helped dozens of UNI retirees like you cut through the noise, understand their options, and retire with clarity and confidence—without sales pitches or hidden agendas.

Let’s walk through what you need to know, what mistakes to avoid, and how to craft a plan that works for your unique life.

P.S. If you chose IPERS, don’t skip this article—chances are you still have money in your 403(b) that needs attention.

A UNI Retirement Success Story

Meet Marcia.

After 28 years of service as a professor at UNI, she was ready for retirement. She’d chosen not to participate in IPERS and instead had faithfully contributed to her TIAA plan. Her accounts were well-funded—1/3 in the Traditional Annuity and 2/3 in the supplemental account.

She assumed she could take a lump sum and move on to her next adventure: traveling with her husband, volunteering, and spending more time with her grandkids.

What she didn’t expect? A 10-year payout restriction on a large portion of her balance.

Feeling stuck, Marcia reached out. Together, we:

• Created a multi-year drawdown strategy to unlock her funds in stages
• Used her supplemental account to meet her short-term income needs
• Coordinated with her spouse’s IRA distributions
• Identified a Roth conversion window to lower her long-term tax burden

Marcia left our office relieved—and, more importantly, excited. “Now I feel like I’m the one in control,” she told us.

1. TIAA Isn’t Just One Account—Know the Difference

Many UNI faculty don’t realize that their TIAA plan has multiple moving parts:

• TIAA Traditional Annuity: Offers a guaranteed return, but with major liquidity restrictions. Many are locked into a 10-year payout—10 annual payments over 9 years and 1 day.
• TIAA Retirement Choice or Supplemental Accounts: Market-based funds that are typically more flexible and can be rolled over after separation from service.

We’ve seen clients unintentionally restrict their access to funds or make suboptimal withdrawal decisions. With the right plan, you can:

• Layer liquidity across accounts
• Avoid emergency withdrawals from taxable or penalty-laden sources
• Use your supplemental account as a retirement income bridge

2. What Are Your Payout Options—and Which One Fits Your Life?

TIAA gives you choices—but the fine print matters:

• Annuitization gives you lifetime income but removes flexibility and control.
• Systematic Withdrawals let you take monthly income without locking up your assets.
• IRA Rollovers give you the broadest investment options, often with lower fees.
• Partial Lump Sums can be a strategic way to gain access to liquidity.

For many clients, an IRA rollover makes sense: better investment access, simplified management (especially when coordinating with a spouse), and reduced complexity.

Working with a flat fee financial planner in Iowa like us means you won’t have products pushed on you—we simply walk you through the pros and cons so you can make the decision that’s right for your life.  Our focus is the retirement planning process, not products.

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3. Picking the Best Low-Cost Investment Options Inside TIAA

You’ve likely been investing steadily for years. But what worked during your accumulation phase may not be ideal as you shift to distribution.

You’ll need to:

• Transition from growth-focused funds to income-aligned allocations
• Identify low-cost index funds that preserve more of your money
• Avoid high-fee, underperforming options
• Rebalance their mix to match their new timeline and risk tolerance

This isn’t about timing the market—it’s about setting up your retirement runway with care.  These decisions come with many aspects, so you may want to consult with a financial advisor for guidance.

4. Creating Your Retirement Paycheck

Without IPERS, you’re creating your own retirement paycheck. This means coordinating:

• TIAA distributions
• Social Security timing
• Spouse’s income sources
• Outside IRAs or brokerage accounts

Our clients often want three things:

• Confidence they won’t run out of money
• Simplicity in how money flows in each month
• Tax efficiency that reduces lifetime taxes, not just this year’s bill

We deliver that—and more—by integrating:

• Roth conversion strategies
• RMD planning
• Withholding and estimated tax coordination

We don’t just manage money. We manage peace of mind.

5. Don’t Let Healthcare Blindside You

Retiring before 65? That healthcare gap can be costly if you’re not careful.

You have options:

• ACA Marketplace (with subsidy strategies if your income is structured right)
• Retiree health coverage through the university (if available)
• COBRA or your spouse’s employer coverage

Make sure to compare real-world numbers—not just premiums, but deductibles, out-of-pocket maxes, and income thresholds that trigger ACA subsidies.

The goal? Make sure your health care plan supports your lifestyle, not limits it.

6. Why a Flat Fee Financial Advisor Might Be the Best Fit for UNI Retirees

You’ve spent your career navigating academic systems and empowering others to think critically. Now it’s your turn.

Most financial advisors work on commission or take a percentage of your investments. We don’t. As a flat fee, fee-only financial planner in Iowa, we:

• Charge a transparent fixed price—no hidden costs
• Give advice that’s 100% in your best interest
• Coordinate all the moving parts: taxes, estate planning, insurance, and more

No sales pitch. No conflicts of interest. Just smart, seasoned, local advice.

📅 Schedule a Free Consultation

Frequently Asked Questions (FAQs)

Q: Can I take all my money out of TIAA when I retire?

A: Depends on the account. Supplemental balances are usually liquid. Traditional balances may require 10-year payouts.

Q: Should I annuitize my TIAA balance?

A: Maybe. But understand the trade-offs. You’re locking in guaranteed income, but also locking up access and control.

Q: Can you help with my spouse’s accounts too?

A: Absolutely. We coordinate all household finances—IRAs, 403(b)s, pensions, and more.

Q: What does flat fee planning mean?

A: A single, all-inclusive cost for planning and investment management—no percentages, no commissions.

Q: What is fee-only?

A: Learn more here.

Q: What questions should I ask a financial advisor?

A: Start with these 10.

Q: Do I need to move my money out of TIAA?

A: Not always—but it’s often worth considering. We help you evaluate all options side by side.

Want to Learn More?

🎙️ What to Do When You're Within 5 Years of Retiring - Episode 75

🎙️ How to Build a Retirement Paycheck - Episode 44

🌐 Visit igniteplanning.com to learn more about working with a flat fee financial planner in Iowa

Want us to speak at your department? Host a retirement Q&A session? Email us at hello@igniteplanning.com

Ignite Financial – Helping UNI retirees turn their life’s work into a life they love.

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