Basic item for retirement affected teacher (4,3)
I believe the answer is:
camp bed
'basic item for retirement' is the definition.
(basic bed in which to retire)
'affected teacher' is the wordplay.
'affected' becomes 'camp' (camp can mean exaggerated or affected).
'teacher' becomes 'BEd' (bachelor of education).
'camp'+'bed'='CAMP-BED'
(Other definitions for camp bed that I've seen before include "temporary overnight accommodation" , "Structure on which to sleep in a tent" , "Portable bunk" , "Folding support for sleeper" , "outdoor resting place?" .)