You can withdraw funds at any time. Log into TIAA.org, then use the SUPPORT menu to choose TRANSACTIONS & INFORMATION. You can find your withdrawal request options in this section.
In respect to this, can I borrow against my 503b?
The IRS puts a limit on how much you can loan yourself. The IRS limits the amount to 50% of your vested account balance or $50,000, whichever is smaller. If you have less than $10,000 in your account, the IRS permits you to take the full balance as a loan. Certain plans may have stricter limits.
Moreover, can I take a loan against my retirement annuity?
No, you cannot take a loan against your retirement annuity. You can access your money from age 55 onwards, irrespective of the retirement annuities’ maturity date, but you may incur an early termination penalty if you cash if you do.
Can I transfer my TIAA-CREF to an IRA?
Assuming you have another 10 years or so before retiring, you’ll want to continue maximizing any and all retirement accounts – including your TIAA-CREF plan from a previous employer. … From there, contact TIAA-CREF to do a direct transfer of funds to your new IRA.
The short answer is yes, you are allowed to use funds from your 401(k) plan to buy a home. It is not the best move, however, because there is an opportunity cost in doing so; the funds you take from your retirement account cannot be made up easily.