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Within the 'fixed account', assuming this is some form of money market fund, you have very little default risk. And even in an unlikely but possible default situation, a money market account doesn't suddenly drop from $1/share to zero...its value may drop to, say, $.95/share. But times would have to be much worse than they are today.

However, there are a couple of points I'd be a bit leary of.

4% on a MM account is about 4 times the current rate. For example, the Vanguard Money Market fund is currently paying 1.15% and Fidelity's cash reserves is paying 1.01%. This suggests that either ING is taking additional investment risk (that is, this is not a pure MM fund with a fixed share price of $1) or your account is getting hit with fees that take most if not all of this yield.

My experience with insurance company run retirement accounts is that they are, in general, very expensive, not very cooperative, have investment products with at best mediocre returns and are the premiere experts in hiding costs and fees. Based on this alone, I'd transfer this account to a traditional IRA as soon as possible. And rather than TIAA, I'd consider Vanguard, T.Rowe Price or Fidelity.

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