Edward Moslander, senior managing director, institutional relationship management for TIAA-CREF, who spoke to the committee on Jan. 31, said he also is worried about the three-legged stool of retirement becoming unsteady.
pointed out that only 14% of Americans are very confident they will have enough money to retire comfortably, and 60% of workers say they have less than $25,000 in retirement savings.
In research conducted among its own clients, TIAA-CREF
found that 75% of people with higher levels of education are either very confident or somewhat confident they will be able to retire comfortably, compared to 49% of the general populace.
It also found that 88 percent of those with a higher education currently are saving for retirement and 60% have tried to determine how much they need to save by the time they retire.
Financial literacy is a problem across the country, so "we believe it is important to offer client tools that can assist them with making these decisions," Moslander
These tools include online programs, access to financial advisors, either in person or over the phone, and comprehensive objective third-party advice programs.
Lifetime income products also should play a role in retirement security, he
"Due to our increasing lifespans, as well as the aforementioned concerns surrounding Social Security and the movement away from traditional pension plans, the draw-down phase will and should become a greater focus of the retirement security discussion," Moslander