(MONEY Magazine) – Steve and Ann Thiede of Highland Village, Texas are starting to think about retirement. Steve, 53, a U.S. Customs Service inspector, and Ann, 47, a teacher, have three rental properties that net them $15,000 annually and a $200,000 pile of aggressive large-cap funds, most of it in college funds for their two children. Then there's his $237,000 government thrift savings plan and her $83,000 state 403(b) plan--both invested in annuities--and their government pensions.

Financial planner Karen Altfest of New York City's L.J. Altfest & Co. evaluated the complex portfolio to see if the Thiedes can retire comfortably when Steve reaches 59. Yep, they can: "People with pensions aren't always good savers, but the Thiedes were," she says. Still, they should set aside a $15,000 cushion for rental property repairs and add to Steve's life insurance. They also should diversify their fund picks with value-oriented international and smaller-cap names. And since they'll have rental income, they can let their retirement accounts keep growing rather than annuitizing them in retirement.

--ERICA GARCIA