T. ROWE PRICE EXPERTS SHARE 2024 U.S. RETIREMENT MARKET OUTLOOK

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Nov 15, 2023, 09:28 ET

Experts discuss the growing demand for innovative retirement income solutions, how personalized experiences can help improve retirement outcomes, the role of public policy, and a sharpened focus on diversification opportunities amid lingering inflation and economic challenges

BALTIMORE, Nov. 15, 2023 /PRNewswire/ -- T. Rowe Price, a global investment management firm and a leader in retirement, held its annual U.S. Retirement Market Outlook press briefing yesterday, offering research-based insights on major themes expected to shape the retirement landscape in 2024. Amid economic factors such as continued inflation, high interest rates, and rising 401(k) loans, a select panel of the firm's experts shared their perspectives on trending topics that will present challenges and opportunities next year for the retirement industry and for Americans saving for retirement.

"The world is not flat. Our industry has long been focused on the uphill climb of saving for retirement, but we have reached an inflection point as an industry. We recognize the need to deliver personalized solutions and experiences to help people better manage the other side of the hill… income and spending in retirement," said Dee Sawyer, incoming head of Global Distribution as of 1/1/24. "Our retirement outlook shares dynamic perspectives from our research and addresses key trends that we are focused on and talking about with our clients."

The panel discussion featured commentary from Bill Meyer, head of Retiree Inc., a wholly owned entity of T. Rowe Price; Rachel Weker, senior retirement strategist; Jessica Sclafani, senior defined contribution strategist; Michael Doshier, senior retirement strategist; and Aliya Robinson, managing legal counsel of Legislative and Regulatory Affairs. The briefing was hosted by Michael Davis, who is head of defined contribution plan specialists and former deputy assistant secretary at the U.S. Department of Labor (DOL).

Key topics discussed included:

Retirement income: How growing demand can drive innovation and adoption of retirement income solutions. With an explosion of new products, the industry needs to move beyond conventional "rules of thumb" to deliver better content, education, and resources to people near or in retirement.
Personalization: How targeted experiences can drive behavioral change and improve retirement outcomes. The advances in data analysis, technology, and integrated experiences to engage diverse audiences will continue to gain traction to help stimulate participants' actions and better results.
Diversification: How a complex market environment sharpens focus on diversification opportunities to help improve retirement outcomes. A basic, cookie-cutter approach to asset allocation is not a long-term strategy, and allocation policies should align with the market environment and consider fixed income opportunities.
Retirement Public Policy: A lot of talk and little action from Congress is expected during an election year. While regulators focus on their own priorities, such as the DOL fiduciary rule, the industry continues implementation of SECURE 2.0 provisions that go into effect next year.
Convergence: How policy, innovation, and customer demand are accelerating the convergence of wealth and retirement. The retirement industry, and especially advisors, are increasingly focused on helping investors balance saving for retirement with other competing financial priorities.

Sawyer added, "More than two-thirds of the assets we manage for clients are in retirement and retirement-related accounts. Helping investors plan for, save for, and live through retirement is at the heart of what we do."

The 2024 U.S. Retirement Market Outlook included research and data from proprietary studies across T. Rowe Price, along with select industry data, as well as insights and input from retirement strategists and investment professionals across the firm.

The full detailed 2024 U.S. Retirement Market Outlook can be found at troweprice.com/retirementoutlook, or click here for a summary version tailored for investors.

ABOUT T. ROWE PRICE
Founded in 1937, T. Rowe Price (NASDAQ: TROW) helps people around the world achieve their long-term investment goals. As a large global asset management company known for investment excellence, retirement leadership, and independent proprietary research, the firm is built on a culture of integrity that puts client interests first. Investors rely on the award-winning firm for its retirement expertise and active management approach of equity, fixed income, alternatives, and multi-asset investment capabilities. T. Rowe Price manages USD$1.31 trillion in assets under management as of October 31, 2023, and serves millions of clients globally. News and other updates can be found on Facebook, Instagram, LinkedIn, X, YouTube, and troweprice.com/newsroom.

This material is provided for informational purposes only and is not intended to be investment advice or a recommendation to take any particular investment action. Views expressed are as of the date noted, subject to change with notice, and may differ from those of other T. Rowe Price associates.

Issued in the USA by T. Rowe Price Associates, Inc., and T. Rowe Price Investment Services, Inc., 100 East Pratt Street, Baltimore, MD, 21202, which are regulated by the U.S. Securities and Exchange Commission and Financial Industry Regulatory Authority, Inc., respectively.

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SOURCE T. Rowe Price Associates, Inc.