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“When I think about retirement, I’m still doing the things I love.”
Charles Washington, Jr. | University Technology Coordinator | 43 years old
Participant since 2007
Participant since 2007
Get to know Charles Washington Jr.
Charles loves filmmaking, working out and his family
Are you on track for retirement?
“When I first started at the University, one of the first benefits I took advantage of was to enroll in their retirement plan with TIAA and examine the pre- and post-tax plans to find what would work the best for not only me, but also my family. As a husband and father of three, my retirement is set upon the scope of when my youngest graduates college and what I will need to not only support them, but be able to enjoy the life goals beyond my career.”
What does successful financial planning mean to you?
“Successful financial planning means retiring and not having to look back on your career today and say, 'I should have done more' or 'How are we going to be able to make it now?'"
How has having children affected your planning?
“Having more children (I currently have one in college and two in grade school) slid the timeline as far as to what age I was going to have to work. That number had been my mid- to late-50s and now it is 64.
All of my children are aware of financial planning concepts so that they can prepare for their own futures—from the 4-year-old who just likes the look of shiny quarters, to my 6-year-old who wants to save for a new game system, to my 18-year-old who wants to have money for college and beyond. Making wise financial decisions helps you reach those goals!”
How has TIAA helped you?
Charles wants to make sure his money is handled responsibly so he won’t have to work as hard in the future.
Charles is saving in his employer’s plan and is putting away additional money in his bank savings account. He also has an emergency fund and college savings put aside for his two youngest kids.
Staying on track
Charles meets with TIAA financial consultants to help keep on track. He remembers, “when [the financial crisis] hit, I had security knowing what was being done with my money.”
Why life insurance?
Charles is taking steps to help secure his family’s financial future by saving and securing life insurance for his family. Use TIAA’s Life Wizard to learn how much life insurance you need and what it might cost you.
Protect your family
Life insurance can help provide for your loved ones in case something happens to you.
Income tax-free death benefit
Your beneficiaries generally won’t have to worry about paying taxes on the money they receive.
Tax deferred growth potential1
Permanent policies can build cash value. Earnings are tax deferred, and you can access your money while you’re alive.