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.
202311-3214804
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SOURCE T. Rowe Price Associates, Inc.