ANN ARBOR—When it comes to saving for retirement it’s never too early or too late, says Roger W. Ferguson Jr. Ferguson, president and chief executive officer of TIAA-CREF, which manages the retirement savings of 3.7 million people, suggests that anyone who can save 10 percent of their salary should do so no matter how far away retirement seems.

Ferguson will address retirement issues as part of the “Policy Talks @ the Ford School” 4:30-6 p.m. Thursday, Sept. 27, in the Annenberg Auditorium at the University of Michigan’s Gerald R. Ford School of Public Policy.

His remarks will cover the current retirement landscape, how the American retirement system can be repaired and what individuals can do to help ensure their own lifetime income.

The current retirement landscape is in transition as baby boomers turn 65, life expectancy has increased, traditional pensions have phased out, Social Security is under pressure, U.S. savings rates are down and the stock market remains volatile.

“Each leg of the retirement stool is a little wobbly right now,” Ferguson said.

As a result, many workers ages 25 to 35 are so concerned about the stock market that they are avoiding it altogether. Older workers also are uncertain about whether “the stock market is the place to be,” he said.

A recent study by McKinsey & Co. indicates that the average American household is $250,000 short when it comes to retirement savings, he said.

Ferguson is a former vice chairman of the Board of Governors of the U.S. Federal Reserve System and a member of President Obama’s Council on Jobs and Competitiveness.

Related Links:

• U.S. Social Security Administration: http://www.ssa.gov/retire2
• AARP: http://www.aarp.org/work/retirement-planning