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2024 U.S. Retirement Market Outlook

Three themes shaping the retirement landscape

Looking into 2024, retirement income, personalization, and diversification will be key themes for DC plan sponsors and their consultants and advisors. In this video series, our retirement experts weigh in on the underlying factors creating both challenges and opportunities for DC plan sponsors and their consultants and advisors this year.

Retirement Income

Growing demand could drive innovation and adoption of retirement income solutions.

What's changed

Growing demand and supportive legislation could impact the landscape of in-plan versus out-of-plan solutions

What's next

Look for continued innovation in product design beyond guaranteed solutions

What to keep an eye on

We're watching the adoption rates of in-plan investment and insurance income solutions

Evolving from an exploratory to a decision-oriented posture

Data suggest that more plans, consultants, and advisors are taking a position on retirement income:

Sources: T. Rowe Price, 2023 Defined Contribution Consultant Study; 2021 Defined Contribution Consultant Study. 


Targeted experiences can drive behavioral change and improve retirement outcomes.

What's changed

A diverse workforce needs targeted communications and personal savings and wellness solutions

What's next

Financial wellness programs could be the top area for the future growth in non-investment services

What to keep an eye on

The growth of personalized management solutions can help keep assets in plan

Participants need help with financial basics, planning, and investing

The importance of workplace financial solutions to participants:

Sources: T. Rowe Price Retirement Savings and Spending Study, 2023. Numbers may not total due to rounding. 


A complex market environment sharpens focus on diversification opportunities.

What's changed

Tighter monetary policy, stubborn inflation, and high interest rates require a  reassessment of fixed income allocations

What's next

Look beyond U.S. investment-grade bonds to supplement core fixed income allocation and consider other sectors, such as high yield, bank loans, and emerging markets debt

What to keep an eye on

Active management to be key for fixed income diversification

Market environment sharpens focus on fixed income

Concerns about interest rates and inflation are top of mind for plan sponsors and consultants:

Sources: T. Rowe Price, 2023 Defined Contribution Consultant Study; 2021 Defined Contribution Consultant Study. Percentages represent the portion of respondents who selected the respective factors listed on the left of the chart. 

Recent Retirement Insights

Explore our proprietary retirement research focused on insights from plan sponsors, participants, and consultants.

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T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

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