T. ROWE PRICE LAUNCHES NEW RETIREMENT TOOL FOR FINANCIAL PROFESSIONALS AND THEIR CLIENTS

Rhea-AI Summary

T. Rowe Price has launched a new retirement tool designed to help retirees understand their financial habits, distinguishing between those who spend their savings and those who seek to preserve or grow their assets. The Retirement Saving and Spending Survey revealed that 70% of retirees identify as savers, with nearly 60% wanting to maintain or grow their assets. This tool aims to assist retirees in aligning their financial planning with their personal spending and saving preferences, enhancing communication between financial professionals and their clients.

Positive

• Launch of a new retirement tool to assist retirees in understanding their financial habits
• 70% of retirees identify as savers, indicating a market for preservation-focused financial products
• Nearly 60% of retirees want to maintain or grow their assets, suggesting demand for related services

Negative

• None.

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.

View original content:https://www.prnewswire.com/news-releases/t-rowe-price-launches-new-retirement-tool-for-financial-professionals-and-their-clients-301497772.html

SOURCE T. Rowe Price Group, Inc.

FAQ

What does TROW's new retirement tool offer to retirees?

The new retirement tool helps retirees identify their spending and saving preferences, aiding in better financial planning.

What percentage of retirees consider themselves savers according to TROW's survey?

According to TROW's survey, 70% of retirees identify as savers.

When was T. Rowe Price's new retirement tool announced?

The new retirement tool was announced on March 10, 2022.

How much assets does T. Rowe Price manage?

As of January 31, 2022, T. Rowe Price manages $1.58 trillion in assets.

What is the main goal of TROW's 'Spender/Saver' tool?

The main goal of TROW's tool is to help retirees align their financial strategies with their spending and saving behaviors.