Policymakers, financial advisors and consumers must take action to overcome the shortcomings of today's retirement system, said TIAA-CREF President and CEO Roger W. Ferguson. "The longer we delay making needed changes, the greater the negative impact will be," Ferguson said at the Insured Retirement Institute Vision Annual Meeting in Chicago. "Future workers will have to pay larger tax increases, and future retirees will have to accept larger benefit reductions," he said.

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