Legal Question in Business Law in New York
In anticipation of my impending layoff in 2009 during the time the stock market was unstable, I changed the allocation for my retirement so more of my retirement monies could be put in annuities. I did this online through TIAA-CREF and in a panic did not fully understand the consequences. The consequence is that I can only access 10 percent of my retirement each year for the next 9 years. I am currently still unemployed and have had to place my house on the market and collect social security early (age 62) in order to financially survive. I wrote to the President of TIAA-CREF and explained my financial situation and the prospect of losing my home but was informed that they are under a contract and cannot make any exceptions.
This is my retirement money and yet I can only access 10 percent a year over the next 9 years. This is when I need my money to survive. Please assist. Thank you
Lorraine G
1 Answer from Attorneys
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