What are the best financial tips in general that employers can give to employees or advisors to clients about managing their money during this volatile time?

Now is a good time for individuals to check-in on their finances, to get a clear picture of where they stand, and how they compare to their goals and expectations. Two important things for people to check on are their emergency fund and asset allocation.

Individuals need to understand how much cash they have on hand in case of emergencies, like health care bills or an unexpected pay cut. Whenever possible it's a good idea to cut back on non-essential expenses to build an emergency fund that can provide a cushion when needed most. It's a good idea to keep the cash in a place where it is relatively safe and easy to get to quickly, like a savings account at a bank.

Participants should also take a fresh look at their portfolio to make sure their asset allocation remains in sync with their goals, the time available to achieve them and their tolerance for risk. We have online tools that guide participants through this process and our advisors are available to participants that are looking for more personalized help. Most importantly, we are regularly reminding participants to not get too rattled if their 401(k) or 403(b) investments decrease given their time horizon to retirement.

Many are telling plan participants to stay the course and not panic. But what about late boomers/near-retirees not able to wait for long-term recovery? 

While staying the course is a good starting point, it's important to consider a person's life stage and particular situation when planning for retirement, especially for near-retirees. We recommend that participants have a combination of Social Security and guaranteed income to cover their monthly retirement non-discretionary expenses such as rent, food, health care and other necessities. Unfortunately, due to the current conditions many near-retirees may find themselves falling short of their monthly lifetime income planning goals and they may need to adjust their retirement plans.

Some potential adjustments may include delaying retirement, postponing claiming Social Security, boosting expected guaranteed lifetime income through in-plan annuity contributions and reviewing their retirement savings' asset allocation.

What about younger workers, and recent college grads? How can they be persuaded that saving for retirement is still necessary?

Many recent college grads and younger workers are struggling to balance their day-to-day finances, and memories of the 2009 recession combined with today's market environment make them wary of saving for retirement and investing in general. Building their financial confidence is critical. That's why we feel it's so important to help these participants establish a solid financial foundation by starting with the basics such as spending, savings and budgeting so they can pay their loans and expenses while still making saving for retirement a priority.

We reiterate the importance of starting to save for retirement as early as possible in one's career because of the benefits of compounding interest. We also encourage participants to take advantage of in-plan annuities so that their savings can grow at a guaranteed rate and they can generate enough lifetime income for a comfortable retirement down the road. We know it's natural to be anxious during these times and we're trying to engage with participants as much as possible to help allay their fears whether it's through the web, email, printed materials, over the phone, via webinars or personalized advice services.

 What provisions of the CARES Act do you think will prove helpful to people? 

The CARES Act is designed to bring financial relief for individuals, families and organizations who are experiencing the impacts of coronavirus and help them navigate this period of uncertainty. For people who have retirement savings and find themselves in a difficult position, these provisions—whether they relate to retirement plan loans or hardship withdrawals, student debt or mortgage loans—can provide them with flexibility and another resource to ensure that they can pay their bills and keep their household going.

The important thing right now is providing relief to retirement savers and consumers, and helping them manage their current financial challenges while trying to minimize any long-term financial implications. We can help participants make informed decisions about what's best for them while still working towards their long-term financial goals.

Dan Keady, CFP, RMA is the Chief Financial Planning Strategist at TIAA. Dan has over 30 years of financial services experience and his current role is in advice "thought leadership" with prior roles including managing a group of financial planners for over a decade. He also serves as a media spokesperson on financial planning topics for TIAA and has been quoted in numerous national publications and web sites. Dan also serves as CFP Board Ambassador and is a board member of the Retirement Income Industry Association.