BALTIMORE, March 10, 2022 /PRNewswire/ -- T.
Rowe Price, a global investment
management firm and a leader in retirement, today announced the
launch of its latest retirement tool aimed to help retirees get a
better understanding of their financial habits, specifically if
they identify more as a spender (retirees who draw down their
balance to maintain their spending) or more of a saver (retirees
who adjust their spending to maintain, or even grow, their
balance).
Conventional wisdom assumes all retirees are spenders, however
according to T. Rowe Price's
Retirement Saving and Spending Survey, the majority of retirees
identify more as savers:
- 70% of retirees identify as a saver, while 30% identify as a
spender
- Nearly 6 in 10 retirees say they want to maintain or even grow
their assets in retirement
T. Rowe Price's new
'Spender/Saver' tool allows retirees to explore their spending and
savings preferences, consider what motivates those preferences, and
ultimately can help them to align retirement solutions to their
spender or saver behavior.
"At T. Rowe Price, we understand
that no two retirees are the same and that understanding an
individual's preferences is a critical step in retirement
planning," said Stuart Ritter,
CFP®, Retirement Insights Leader. "Getting a
better understanding of a retirees' preferences when it comes to
their retirement savings – whether they want to spend it or save it
– can help financial professionals communicate more effectively and
provide more applicable financial solutions to their clients."
ABOUT T. ROWE
PRICE
Founded in 1937, T. Rowe Price (NASDAQ-GS: TROW) is an independent
global asset management company with $1.58
trillion in assets under management as of January 31, 2022. The firm is focused on
delivering investment excellence and retirement services for
institutional, intermediary, and individual investors. Our
strategic investing approach, driven by independent thinking and
guided by rigorous research, helps clients feel confident in
pursuing financial goals. For more information, visit
troweprice.com, Twitter, YouTube,
LinkedIn, Instagram, or Facebook.
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SOURCE T. Rowe Price Group, Inc.