The following excerpts are from GETTING MORE OUT OF TIAA-CREF (St. 
Paul, MN: The Oak Park Press, 1995).

The excerpts here are typed in here so that they will be readable by 
computers without imaging capabilities.  In the book, naturally, they are 
typset.


From Chapter 3:  OPEN an SRA AND PAY YOURSELF FIRST (p. 49)
	You should open your SRA today, because the cost of delay is enormous.  The figure and tables below show why this is so.

	Consider the hypothetical case of two professors.  Professor 
Early Bird opens an SRA at age 30, invests $2,000 per year for eight 
years and then never puts in another cent. Late Riser opens an SRA in 
year eight and also puts in $2,000 per year.  Both accounts grow at the 
same rate (10 percent per year in the example).  Even though Early Bird 
stops contributing to the plan after year eight, and even though 
Professor Late Riser continues putting in $2,000 per year indefinitely, 
Professor Late Riser never catches up with Professor Early Bird. . . . 
This assertion seems so contrary to common sense that we had better 
illustrate it year by year to show that it is no exageration.  This is 
done in Table 3-1.

From Chapter 4:  FAVOR CREF OVER TIAA  (p. 60)
Table 4-1 presents a comparison of TIAA and CREF returns during 
different time spans since 1953, CREF's first full year of operation.
Table 4-1 shows that CREF outperformed TIAA in all of the thirty-year 
periods and twenty-five year periods and inall but one of the twenty-year 
periods.  . . . the most relevant rows in Table 4-1 are probably those 
showing five-year and ten-year returns.  Even these periods show that 
CREF normally had an advantage over TIAA.  CREF consistently outperformed 
TIAA during the 1950s, the 1960s, the 1980s, and (so far) the 1990s.  The 
only periods when TIAA outperformed CREF were those ending in the 1970s 
and early 1980s.  As will become apparent, these were very distinctive years.

From Chapter 6:   DON'T DOLLAR COST AVERAGE FOREVER  (p. 91)

. . . the critics of dollar cost averaging are far outnumbered by the 
advocates.  Nonetheless, there is a catch to dollar cost averaging.  
Simply put, you cannot dollar cost average forever.  Dollar cost 
averaging works best in the early and mid-career years of capital 
accumulation.  . . . As Figure 6-1 shows, . . . even the monster bear 
market of 1973-74 (a 49 percent drop) was surmountable.  As Figure 6-1 
shows, the dollar cost average contributor was back to even in less than 
four years. 
However, for anybody who had started in 1952 and planned to retire in 
1974, an unprotected dollar cost average program was a disaster.  The 
same was true for anybody else who could not afford to see their assets 
drop by nearly 50 percent.


From Chapter 13:	SELECTING A FINANCIAL PLANNER  (p. 228)
In sum, these four steps give you some straightforward guidelines for 
the extremely difficult task of assessing the financial planners who may 
seek to manage your affairs.  Each step furthers a weeding-out process.  
If any prospective planners cannot pass the critera at one step, there is 
no need to waste your time going on to the next step with them.  The 
questions in Appendix 4 will help you work your way through these steps.

From Chapter 15:	SHOULD YOU ANNUITIZE?  THE PROS AND CONS  (p. 243)

Prior to 1990, TIAA-CREF retirees had no choice; they were forced to 
annuitize their RA accounts.  Since 1990, however, you do have a choice, 
and this makes it imperative for you to examine whether annuitization is 
the best way for you to withdraw your accumulations.  To help you in that 
task, this chapter begins by outlining the advantages and disadvantages 
of annuitizing.