Plan particpants are not saving enough and need to educate themselves on their retirment options, according to Roger W. Ferguson Jr.
, president and CEO of TIAA-CREF
In an interview with the AP
, Ferguson said plan particpants have now realized that 401(k) was never meant to be anything other than a supplemental retirement system and that the government should make it easier for people to save and give them guidance on how much they should save in the form of automatic enrollment.
Fergsuon also said there are some annuities that aren't transparent but are very complex and suggested participants to look at cheaper and friendlier annuities.
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