Three themes shaping the U.S. retirement landscape.
Our third annual study captures retirement views from the defined contribution consulting and advisory community.
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AI has the potential to be the biggest productivity enhancer to the global economy since the rise of electricity.
Tectonic shifts create new opportunities.
Our third annual study captures retirement views from the defined contribution consulting and advisory community.
In October 2023, the Internal Revenue Service released the 2024 dollar limits on certain benefits and contributions to retirement plans and IRAs.
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Data show that demand for financial planning services, which can improve participant confidence about their financial outlook, is stronger among participants who are within one to five years of their retirement date. These results highlight an opportunity for digital financial planning solutions.
Demand for financial services is strong.
It’s strongest among participants who are within one to five years of their retirement date
Retirement planning can improve participant confidence.
Survey respondents with a formal plan were 62.5% more confident about their financial outlook.
There’s an opportunity for new solutions.
The survey highlights an opportunity to develop and integrate digital and specialized financial planning for retirement income and other related decisions.
It’s especially valued by preretirees and retirees who are wondering where to start.
had not given much thought to forming a retirement plan
did not know how much they can withdraw monthly from retirement savings
reported that their understanding of investment and annuity products is not very good or not good at all
are open to digital advice solutions (although speaking with an advisor is preferred)
have greater confidence in their retirement outlook with a formal written plan
See T. Rowe Price’s thoughts on next steps:
The Retirement Savings and Spending Study is a nationally representative online survey of 401(k) plan participants and retirees. The survey has been fielded annually since 2014. The 2023 survey was conducted between July 24, 2023, and August 13, 2023. It included 3,041 401(k) participants, full-time or part-time workers who never retired, currently age 18 or older, and are either contributing to a 401(k) plan or eligible to contribute with a balance of $1,000 or more. The survey also included 1,176 retirees who have retired with a Rollover IRA or left a 401(k) plan balance.
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