The clock is ticking for America's retirement crisis, warns Kourney Gibson, CEO of TIAA Retirement Solutions. With nearly half of Americans failing to save enough for their golden years, Gibson emphasizes the urgency of the situation. In an interview with CNBC's Julia Boorstin, Gibson highlights the need for swift action, stating that every day spent on non-productive activities is a missed opportunity to secure retirement savings.
TIAA, a 107-year-old organization dedicated to retirement security, is led by Gibson, who is determined to cut through bureaucracy and empower her team. She aims to make retirement planning more accessible and efficient, challenging the traditional retirement age of 65-70 as unattainable for many. Gibson's approach involves encouraging consistent contributions, especially when employers offer company matches, and fostering an innovative mindset within the company.
The retirement savings shortfall affects all generations, income brackets, races, genders, and political affiliations, according to Gibson. She advocates for guaranteed lifetime income as a crucial component of pension plans, ensuring financial security for retirees. Gibson's leadership at TIAA has been recognized by CNBC, naming her and Thasunda Brown Duckett to the Changemakers list in consecutive years.
Gibson's background in entrepreneurship, honed during her 20-year tenure at Loop Capital, has shaped her approach to leadership. She encourages employees to seek innovative solutions, challenging the status quo. By engaging with employees across all levels, Gibson fosters a culture of continuous improvement, ensuring that TIAA remains adaptable and responsive to the evolving needs of its associates and the market.
