While not all 401(k) plan sponsors are prioritizing retirement income, they are significantly more likely to have a view on retirement income compared to prior years, according to T. Rowe Price's 4th annual Defined Contribution Consultant Study.
The annual study suggests more DC plan sponsors are taking a stance on retirement income. In 2021, consultants and advisors described greater than half (59%) of their DC plan sponsor clients as not having a stated opinion on retirement income. In 2024, this same figure declined to 19%.
Consistent with prior years, the study identifies key findings related to target date solutions, retirement income, investment trends and financial wellness. Participating in the study were 35 top consultant and advisor firms, including Buck, Commonwealth, Aon, Goldman Sachs and Mercer.
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