Preparing for retirement

The nervous nellies

Clara and Eduardo

Clara and Eduardo are nearing retirement and are financially stable, though nervous about market volatility.

age life stage salary total assets occupation
Clara is 63 and Eduardo is 62 Nearing Retirement Clara: $83k
Eduardo: $93.5k
$750,000 Clara: Teacher
Eduardo: Physician's Assistant


Clara is married to Eduardo. This is the second marriage for both Clara and Eduardo. Clara is a middle school teacher. The two met at a picnic for their church five years ago.


Clara has three children from her previous relationship, and Eduardo has a child from his first marriage. All the children are out of the house, starting lives of their own.


Clara has a substantial Defined Benefit plan, as she has been teaching in her school district for over 20 years. They want flexibility in their investments as they have guaranteed income through Clara's plan.


Clara and Eduardo have aspirations of taking a yearly cruise and spending several months a year traveling in their RV.


Clara and Eduardo prioritize their retirement objectives as follows:


Want help deciding when they'll be able to retire


Want flexibility in retirement to ensure future travel and the ability to live "care-free"


Both expect to live into very old age as both have elderly parents


Retirement risks that are of greatest concern to Clara and Eduardo:

Top concern




Clara and Eduardo's income plan

Clara and Eduardo have specific financial needs in order to be able to achieve their overall retirement goals. The following is an estimated amount of annual income* Clara and Eduardo believe they will need to achieve their retirement goals.

Basic needs

Housing, food, healthcare, emergency fund.

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RV maintenance, travel, lifestyle support

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Legacy is not as important for Eduardo and Clara. They do like the idea of having a "buffer" in case they want to take a more expensive trip one year.

*Income needs in terms of after-tax income.

Clara and Eduardo's investment strategy


Investment portfolio

Eduardo and Clara will use their assets from their brokerage account, IRAs and Eduardo’s 403(b) and manage them in a moderate investment portfolio.


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Resulting income

Hypothetical income approximations to maintain $94,000 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.

Annual income
Next steps

How TIAA can help


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Retirement income planning

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

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