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Financially limited

Charles

Charles is a financially limited retiree and a moderate risk taker.
Age
Life Stage
Salary
Total Assets
Occupation
Charles is 68 Retired $0 $400,000 Benefit Administrator at a Health Care Facility
 
 

Situation

Charles is a recent widower. A lot of his savings went towards his late wife’s medical expenses.
 

Family

Charles lives a simple life. He lives in the house he’s owned since he was 40. He has no children.
 

Goal

Any legacy will go to the North Carolina Conservation Society, as his late wife Linda loved nature.
 

Health

His plan is to move to a retirement home with an assisted living option in the next two years, just in case his health deteriorates.

Objectives

Charles prioritizes his retirement objectives as follows:

1
Concern about his care as he ages
2
Assurance that savings can last through his life and investments will out-pace inflation
Concerns

Retirement risks that are of greatest concern to Charles

Inflation Icon
Top concern

Inflation

Longevity Icon
Concern

Longevity

Concern

Cognitive

Charles' income plan

Charles has specific financial needs in order to be able to achieve his overall retirement goals. The following is an estimated amount of annual income* Charles believes he will need to achieve his retirement goals.

Basic needs

 
Housing, food, healthcare, emergency fund.
 
See how its covered
 
 
 

Lifestyle

 
Incidentals.
 
See how its covered
 
$37k. $5k. Total: $42k/yr
 

Legacy

 
Legacy is not important to Charles, but he does want a buffer so that if the assisted living facility changes its annual fees, he is able to continue to live there.
*Income needs in terms of after-tax income.

Charles' investment strategy

Fixed annuity

Charles’ advisor explained that annuitization is essentially a “self-pension” that Charles could take advantage of to fund his essential needs and some of his desired expenses.
Read more
 
Investment Pie Chart
 

Investment portfolio

Charles is not very comfortable with risk and has decided to adopt a moderate conservative allocation aimed towards generating income.
Read more
 
Resulting income

Hypothetical income approximations to maintain $42,000 of annual income

Displayed in real dollars to show income maintains the customer's buying power throughout retirement (30-35 years). The composition of income received in retirement is purely hypothetical, for illustrative purpose only.
Resulting Income Chart
Next Steps

How TIAA can help

Annuities

We can recommend annuity options that can help you pursue your retirement lifestyle.

Investment strategies

We can help you align your asset allocation with your long-term income needs.

Retirement income planning

We can help you create a retirement income strategy that factors in your concerns, as well as your goals.

Get in Touch

Talk with a TIAA Consultant to help you review your overall retirement strategy and to help you consider the next steps.
 

888-583-2535

 
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Saturday 9 a.m. to 6 p.m. (ET)
The Preparing for Retirement tool provides education about the retirement process, and includes examples based on a composite of random TIAA clients. You should not view or construe the tools and information as a suggestion by TIAA that you take or refrain from taking a particular course of action, as the advice or recommendation of an impartial fiduciary, or as an offer to sell or a solicitation to buy any securities or other investment property. In making the tools and information available to you, we assume that you are capable of evaluating the information and exercising independent judgment over your investments and do not need or intend to rely on our advice or recommendations. You should not buy or sell any security or other investment property without first considering whether it is appropriate for you based on your own particular situation based on your independent determination.  TIAA-CREF Individual & Institutional Services, LLC will not perform any suitability or other analysis to check, for example, whether a security or other investment property you select through this tool is consistent with your investment objectives. If you need or want advice or recommendations in choosing investments, please call us at 800-842-2252. We are here to help.
 
Annuities are designed for retirement and other long-term goals. Keep in mind that lifetime income from variable annuities will fluctuate based on the underlying investment performance. Any guarantees under annuities issued by TIAA, including TIAA Traditional, are subject to TIAA's claims paying ability. There are risks associated with investing in securities including possible loss of principal.
 
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