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How to fix the American retirement crisis

Three experts weigh in on the challenges and potential solutions.

How we got here

Americans still are woefully underprepared for retirement. That’s a bitter pill for plan sponsors, who believe their mission is to ensure workers have enough savings to sustain their lifestyle in retirement. Legislation has facilitated saving, but creating an income stream in retirement is still a challenge for most people.

“We dump a quarter of a million dollars in (a retiree’s) lap and say: ‘Good luck!’”

Michael Finke

The American College of Financial Services

So where does that leave us? Three experts sat down recently with TIAA to discuss the American retirement crisis, regulatory improvements, savings inertia and the role annuities can play in financially secure retirements.

“The main benefit of an annuity is longevity insurance.”

Angie Chen

Boston College's Center for Retirement Research

Solving the spending challenge

To start, workers need to focus less on how much they’ve saved and more on how they can make that pile of money last. Employers are well-positioned to help with this, for several reasons. In-plan annuities can hedge against longer lifespans and unpredictable markets, and deliver uninterrupted income for retirees. And possibly a better night's sleep for U.S. plan sponsors.

There’s much more to this conversation in the full TMRW publication. Download it here.Opens pdf

“We hand people their life savings at a point when decision-making becomes progressively more difficult."

Christine Benz

Morningstar, Inc.

Explore other articles in this issue

What’s your worry?

Learn what today’s plan sponsors are thinking. And doing.

5 things to do this year

Legislation for more “SECURE” retirements.

How long will you live?

And can you afford the rest of your life?

Real people, real stories

How they prepared for real-life retirement challenges.

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The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.