How can I edit the elements in a .tiff file?

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I have to edit some bar graphs that are in a series of .tiff files. I want to change the text elements that label the graphs' axis.

However, when I open the .tiff files, none of the elements are editable. The files with the graphs open as single illustrations with a red border. It looks to me as if all the elements in the graphs (e.g., axis, bars, labels) are "grouped" into one uneditable image.

How can I edit individual elements in the illustration?

Thank you for your attention!

[Mike_Gondek · Accepted solution]

Tif is a bitmapped format, so you would need to open in photoshop and retouch, for small changes. For major changes, you would recreate the graphs in Illustrator from scratch using the .tif image as a reference.