T. Rowe Price Experts Provide Retirement Savings Tips For Each Generation

Rhea-AI Summary

T. Rowe Price has released a guide outlining retirement savings strategies tailored for different generations. Millennials are encouraged to start saving early to leverage compounding. Generation X should check savings progress and consider broader investment options as they approach peak earning years. Baby Boomers are advised to assess retirement readiness and diversify tax strategies. T. Rowe Price, with $1.46 trillion in assets under management as of January 31, 2021, aims to enhance financial preparedness for investors across all age groups.

Positive

• Provides actionable retirement savings guidance for Millennials, Generation X, and Baby Boomers.
• Encourages early saving and investment diversification to enhance long-term financial security.
• Firm manages $1.46 trillion in assets, indicating strong market position and credibility.

Negative

• None.

BALTIMORE, Feb. 25, 2021 /PRNewswire/ -- T. Rowe Price, a global investment management firm and a leader in retirement, has published steps investors, in each generation, can take to secure a stronger financial position for their future retirement.

"Investors at any age can plan ahead to ensure they are ready for retirement," said Judith Ward, CFP, senior financial planner at T. Rowe Price. "The key is to make retirement savings a priority early and then maintain that focus throughout your working years. Once retired, remaining focused on a sustainable plan can help investors throughout their retirement years as well."

Key highlights for each generation can be found below and the comprehensive insights can be found here.

Millennials: Ages 24-39
It is critical that millennials start saving for their long-term goals—especially retirement—as soon as possible. Younger investors can take full advantage of the power of compounding over several decades.

• Start saving now
• Consider saving in a Roth account
• Focus on the growth potential of stocks

Generation X: Ages 40-55
Gen Xers are likely entering their peak earning years. While some are still juggling competing financial goals, others may be enjoying more financial freedom as their children move out or graduate from college. As a result, the latter group may be able to redirect resources toward their retirement savings.

• Check your retirement savings progress
• Consider supplementing savings with a taxable account
• Maintain a healthy exposure to stocks

Baby Boomers: Ages 56-74
For Baby Boomers who are not yet retired, this is the time to review your retirement readiness.

• Assess your situation
• Consider broadening your tax diversification with multiple types of accounts
• Review your asset allocation

ABOUT T. ROWE PRICE
Founded in 1937, T. Rowe Price (NASDAQ-GS: TROW) is an independent global asset management company with $1.46 trillion in assets under management as of January 31, 2021. 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.

FAQ

What retirement savings tips does TROW offer for Millennials?

TROW advises Millennials to start saving early, consider Roth accounts, and focus on stock growth.

What should Generation X do to prepare for retirement according to TROW?

Generation X should check their retirement savings progress, consider taxable accounts, and maintain stock exposure.

What advice does TROW provide for Baby Boomers regarding retirement?

Baby Boomers are advised to assess their retirement readiness, diversify tax strategies, and review asset allocation.

How much in assets does TROW manage as of January 2021?

TROW manages $1.46 trillion in assets as of January 31, 2021.

When was the retirement savings guide published by TROW?

The retirement savings guide was published on February 25, 2021.