The tax and regulatory environment has been changing a lot over the past year and a half in this country. For Roger Ferguson, the changes are affecting both his company and the people it serves. Ferguson is CEO of TIAA, a retirement and financial services firm that largely serves people in education and in nonprofit sectors.
"The places of uncertainty have to do with what looks like now a very positive macroeconomic environment, but one always has to be aware that the markets have been very, very strong for almost a decade now. So many of us are observing and asking questions around how long that's going to last," says Ferguson.
He continues, "Personally, I think we have some way to go, in terms of reasonably good stock market performance, but we have seen an uptick in volatility of late. And so I'd say this is the time to be optimistic that good times will continue, but one should not be complacent."
Ferguson admits that the amount most people have saved for retirement varies greatly from generation to generation, but he believes the desire to save for retirement is high among millennials, even if the ability is lacking.
"They have a number of financial issues and challenges," he explains. "In some cases it's student debt, others are getting married and starting a household... but those that are in the middle, I've observed that they are also focused on - as we aging Baby Boomers are - starting the process of saving for retirement as they're getting other parts of their financial lives in order."