No. of Recommendations: 2
Well, I still don't know what to say. The funds mentioned even have fairly high expense rates compared to an index (and you probably do want managed funds in muni's in this climate).

I do hope that they were suggesting an after-tax account and not tax-deferred for this suggestion. I'd also guess that you were looking into a self-managed account. I haven't done that at TIAA-CREF, but there is NO expense for this at Vanguard for either an after-tax or tax-deferred brokerage account. Also, at the aggregate $$$ levels you're suggesting you get free trades and some free advice.

1. I just received my emailed request for feedback from my session. You should too and I'd strongly suggest that you give them your negative feedback. If you didn't get the suggestion in writing that too is a major negative.

2. Chances are you're employed by a college, university, or other non-profit. I'd talk with your HR or business office and express your astonishment. Find out which TIAA-CREF rep is linked with your account and ask them to make a call.

3. If you give me your institution and permission (no name) to use this example, I'll bump it to one of the national staff I used to work with. At 62 they might recommend a 50% bond/TIAA allocation based upon your risk tolerance, but not 40% or above in muni's IMO.

4. I wouldn't do business with the place you described.

5. You'll probably take some time to move the TIAA annuity out (I think it's even yearly payouts for 7 years unless it is in a discretionary contract). Be prepared for that since you said you had a high percentage in the annuity.

6. Before you leave I'd still get the analysis that they have. THEN leave if you don't find a better advisor.

7. Since I worked for non-profits for over 40 years I'd still say that TIAA-CREF is a really good organization IMO. They aren't a lousy 401k/403b with high fees that many are forced to accept. Their major criticism is that they are too conservative with their funds. That's why your experience upsets me.

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