American retirees could fall drastically short of paying for essential needs unless urgent action is taken to increase savings, Putnam President and Chief Executive Officer Robert Reynolds said at the company’s retirement income summit on Tuesday.

Reynolds called on significant public policy reform and private sector innovation to encourage higher savings, less leverage and less debt among retirees. He also said that asset managers and insurance providers should form new alliances to develop innovative retirement solutions. He would like to see absolute return products be a part of all retirement portfolios.

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