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2023 U.S. Retirement Market Outlook

Three Themes Shaping the U.S. Retirement Landscape in 2023

Access and Adequacy

Financial Wellness

The Investment Landscape


2023 U.S. Retirement Market Outlook

Volatile markets have created new challenges for retirement savers. 

Our retirement experts discuss valuable insights on the three key themes shaping the retirement landscape and share what plan sponsors, consultants, and advisors can do to help keep Americans on the path to their desired retirement outcomes.

Retirement Market Outlook Speakers

Michael Davis

Head of DCIO Specialists,

Kim DeDominicis

Target Date Portfolio Manager,
Multi-Asset Division

Michael Doshier

Senior Retirement Strategist,
U.S. Intermediaries

Jessica Sclafani, CAIA

Senior DCIO Strategist,

Rachel Weker

Senior Retirement Strategist, 
Retirement Plan Services

Spotlight on Key Themes

Moving into 2023, working and retired participants face economic uncertainty and high levels of market volatility. An era of increased economic and market uncertainty could greatly complicate financial decision-making, especially for undersavers.

Getting Investors on Track and Helping Them Stay There 

Many investors are under-saving for retirement, and it’s an issue that is only compounding in a challenging economic climate.

Key Insights

  • More than 40% of the U.S. private sector workforce does not have access to a retirement savings plan at work, and lack of access is particularly acute for racial and ethnic minorities. 
  • Day-to-day living expenses and debt are common barriers to saving. This particularly impacts savings for Black, Hispanic, and female workers. 
  • When people start to save for retirement is also key, as it can make a big difference in whether they get on track toward achieving their retirement objectives. 

The Need to Offer Holistic, Personalized Help to Savers  

Financial wellness is now recognized as a critical solution to helping workers and retirees meet their goals.

Key Insights

  • Employers are offering holistic help that goes beyond saving and investing for retirement.
  • The demand for holistic financial wellness programs is being driven by young employees with different expectations for benefits, appreciation for the role benefits play in talent acquisition and retention, and new technology that makes solutions easier to deliver.
  • Employers increasingly are offering personalized and targeted financial solutions that go beyond saving and investing to address employees’ competing financial priorities.

Weathering Challenges to Keep Retirement Portfolios on Track 

We expect returns that are lower than those seen in previous periods, requiring savers and retirees to plan and adjust accordingly.

Key Insights

  • Individualized investment advice and professional portfolio management—throughout the journey to and through retirement—potentially can help set up participants for successful outcomes.
  • It is critically important for investors to build well-diversified portfolios with fixed income allocations that go beyond investment-grade bonds to include a broader range of sectors.
  • T. Rowe Price believes that active management—including tactical allocation within multi-asset strategies—could offer significant diversification and return enhancement benefits.

White Paper

2023 U.S. Retirement Market Outlook

In our second annual Retirement Market Outlook, we look at helping Americans get and stay on track with their retirement savings, providing the holistic help savers need, and navigating market uncertainty and volatility.

Latest Retirement Insights

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

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202211- 2583633