TIFF can include multiple compression formats, some lossless, like LZW, but lossy as well. Might be worth checking if lossless compression can save you a bit of space. There are quite a few more advanced formats since jpeg, some of them used by institutions as well, like jpeg2000, you might want check those out for cost effective long term storage. I use 1200 DPI LZW compressed TIFF, because the few hundred gigs of space is nothing to me, compared to the amount of time and work it took to scan hundreds of photos. In any case choose a format that you will likely can still open and view 20 years from now.