Rate Bait

Savers are clamoring for safe retirement investments, even if they come with low returns. One smart option is the Fixed Account in TIAA-CREF's Personal Annuity Select (tiaa-cref.org).

Rates change from time to time. But investments made before Oct. 1 pay 4.1 percent through March 2003--that's better than Series EE savings bonds and bank CDs. And with annuities, your money grows tax-deferred. TIAA-CREF imposes no sales charge and, uniquely, no surrender charge. By law, you owe a 10 percent tax penalty on annuity earnings withdrawn before the age of 591/2. Past that age, TIAA-CREF's free withdrawal policy offers easy access to savings.

CORRECTION

In the Oct. 7 article "Rate Bait" (Tip Sheet), we said that the new 4.1 percent interest rate on TIAA-CREF's tax-deferred Fixed Account annuity took effect before Oct. 1. In fact, it took effect on Oct. 1.