ciliegia wrote:One other thing: when I asked him for a ball park figure of how much I should leave within my account while taking my pension, his response was "roughly 40%".
At present, I have over $700000 in my TIAA-CREF accounts. I am 65 and will retire, as stated, within 2 years. Why should I leave so much within the retirement account? What would be a better percentage?
Since you keep using the term "pension" even though that it is not, I assume that you want it to behave like a pension, that is, you want a guaranteed income stream for you and your husband ONLY. Therefore you want to convert it to lifetime retirement income. I assume that you have seen something like https://www.tiaa.org/public/pdf/pubs/pd ... income.pdf
To get the highest possible amount per month, you choose no guaranteed period. But this means if you pass away, then the income stops and there is nothing for your spouse. This is a one-life annuity which guarantees you income for as long as you live.
Alternatively, you can choose two-life annuity which guarantees lifetime income to you or, upon your death, income that will continue to your annuity partner/husband for his life. Again, after you both pass away, the income stops. So it behaves just like a pension. Of course, the monthly income in this option is less than the above option.
If you are worry that both of you pass away prematurely and you want to leave money to someone, then you can pick a guarantee period, that is, it will pay at least X years. Your choice. Of course, the monthly income in this option is less than the above two options.
You can go to TIAA website to get an estimate of you monthly income based on your choice of the options I mentioned above..
Edit: However, there is no COLA for lifetime retirement income but there is an option that may be similar to it.