Two record-keepers, a stack of fund choices, and TIAA Traditional's fine print. Here's how the pieces fit together, and how a fee-only fiduciary a few blocks from campus can help you make the calls.
Cornell gives you a genuinely strong retirement plan. It also hands you decisions most employers never do: two providers, an annuity with its own rulebook, and a phased-retirement path. Good problems to have, but ones worth getting right.
TIAA and Fidelity both hold Cornell retirement accounts. Your money can sit with either, and the fund menus and default options differ between them.
A guaranteed-interest account that behaves like no mutual fund you own. Some contracts only let you take the money out in installments over nine years.
Cornell lets many faculty step down gradually. That reshapes your income, your health coverage, and the question of which accounts to tap first.
New York shields a chunk of pension and retirement income from state tax. The order you withdraw in can add up to thousands over a retirement.
This is the question I hear most from faculty. The short version: the two do different jobs, and the right split depends on your timeline and how much guaranteed income you want.
A guaranteed-interest account that pays a minimum rate and can be turned into income for life. Think of it as a high-grade bond substitute with a floor under it, not a savings account you dip into.
Low-cost stock and bond funds you can hold for decades. No guarantees, and they rise and fall with markets, but historically that's where the long-run growth comes from. The good ones are cheap and, frankly, boring.
For most faculty I talk to, the answer is a deliberate blend sized to your plan, not all of one. How much of each comes down to your other savings, your Social Security timing, and how much steady income you want the day the paychecks stop.
Once you're eligible, Cornell contributes a percentage of your pay on your behalf. This is the core of the deal, and for many faculty it's the single most valuable part of their compensation after salary.
On top of that, you can add your own money to the voluntary 403(b), either pre-tax or Roth. Cornell's plan offers a Roth option, where you pay the tax now so the money comes out tax-free later.
Say you retire at 64 but hold off on Social Security until 67. Those three lower-income years are often the best window to move money into the tax-free Roth bucket, while you're sitting in a lower bracket.
These are the 2025 IRS figures. The limits nudge up most years, so we'll confirm the current number when we sit down.
We're fee-only and a fiduciary, so we're paid by you and never by a fund. Fees run 0.75% to 0.85%, always under 1%, with no account minimums. You can start with a smaller 403(b) and grow into it.
Run the free financial checkup. In about five minutes you'll see whether you're on track for retirement, how long your money lasts, and a Social Security timing analysis, with your 403(b) savings included.
In many cases, yes. We advise on the choices inside your Cornell plan menu, and we can manage assets you roll out or hold elsewhere, custodied at Altruist. We'll map out what makes sense in your situation before anything moves.
A lot. Your income drops, your health coverage may shift, and the order you tap TIAA versus taxable accounts starts to move your tax bill. It's worth a sit-down before you sign the phased-retirement paperwork.
No. We have no account minimums, and the fee is the same low percentage for everyone. We'd rather help you early than wait until the balance is large.
A TIAA representative can help with TIAA products. As an independent fiduciary, we look at your whole picture, Cornell plan and everything else, and we're paid by you rather than by any fund company. Different seat at the table.
A relaxed, 20-minute call is enough to see whether we're a fit. No pressure, no pitch.
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