The Aspen Institute

The risk of outliving one’s retirement savings has Americans counting dollars instead of sheep as they lay awake at night. Two-thirds of Americans 18 years or older believe that there’s at least some chance they’ll outlive their retirement savings. And sixty percent of Baby Boomers claim they’re more worried about running out of money in retirement than they are of dying. Our current retirement system relies on individuals to navigate a complex set of choices to establish and maintain a sufficient income throughout retirement.

The Aspen Institute’s Retirement Savings Initiative is committed to help close this “lifetime income” gap by amplifying pragmatic voices from leaders in academia, government, and industry. This event explored the challenges and potential solutions for Americans seeking to convert their savings into steady income and to enjoy long and prosperous retirements.

This event featured the following speakers and panels:

Welcome and Introduction 

• David Mitchell, Associate Director of Policy and Market Solutions, Aspen Institute Financial Security Program, @AspenFSP
• Roger Ferguson, President and CEO, TIAA, @TIAA
• Ida Rademacher, Vice President, Aspen Institute, Executive Director, Financial Security Program, @idarademacher

Panel 1: Origins of the Lifetime Income Gap – How We Got Here

• Jeff Brown, Dean and Josef and Margot Lakonishok Professor of Business, University of Illinois,  @IlliniBizDean
• Jonathan Forman, Alfred P. Murrah Professor of Law, University of Oklahoma, @UofOklahomaLaw
• Moderated by Hazel Bradford, Washington Reporter, Pensions & Investments, @Bradford_PI

Panel 2: Solutions in the Public and Private Sectors

• Kevin Hanney,Senior Director, Portfolio Investments, United Technologies Corporation, @UTC
• Elizabeth Kelly, SVP of Operations, United Income, @unitedincome
• Hugh Penney, Senior Director, Compensation & Benefits, Yale University, @Yale
• Debra Whitman, Chief Public Policy Officer, AARP, @policydeb
• Moderated by Peggy Collins, Personal Finance Reporter, Bloomberg News, @mkmcollins 

Closing Remarks

• Senator Ben Cardin, (D-MD), @SenatorCardin

The Aspen Financial Security Program is grateful to TIAA for sponsoring this event.

Twitter Highlights

The same set of financial challenges exist now that we had 100 years ago, but now we have models, tools, and understanding to solve for those challenges says @TIAA’s Roger Ferguson #AspenRSI pic.twitter.com/CqxRH43Oox

— Aspen FSP (@AspenFSP) May 17, 2018

There’s a lot of bipartisan support for solutions that provide more coverage. Making annuities easier to offer and adding auto enrollment could help solve the issue of longevity says Forman of @UofOklahomaLaw #AspenRSI pic.twitter.com/5dmX7TUjY1

— Aspen FSP (@AspenFSP) May 17, 2018

"We need more than a few useful improvements. We need a holistic solution." @IlliniBizDean #AspenRSI pic.twitter.com/3ZuIj0tn7e

— Aspen FSP (@AspenFSP) May 17, 2018

It was events like this that lead UTC to adopt a lifetime income plan says Kevin Hanney of @UTC #AspenRSI pic.twitter.com/Se4k2VpDwC

— Aspen FSP (@AspenFSP) May 17, 2018

We need to make it a lot less hard for people to save for retirement. It’s hard for employers, but it’s even harder for people says @policydeb @AARPpolicy #AspenRSI pic.twitter.com/mR03n7dNnP

— Aspen FSP (@AspenFSP) May 17, 2018

We need to go back to a process that is truly bipartisan and includes all the players to solve for guaranteed lifetime income. @SenatorCardin #AspenRSI pic.twitter.com/Tp5dnr7qQp

— Aspen FSP (@AspenFSP) May 17, 2018