With higher volatility and rate uncertainty in the market, retirement plan advisors are looking to help plan sponsors build more resilient portfolios. That's why advisors are focused on implementing income strategies, according to BlackRock's 2024 Read on Retirement: Advisor Outlook of over 450 plan sponsors, 300 retirement plan advisors, 1,300 workplace retirement plan savers, 1,300 independent savers and 300 retired workplace savers in the U.S.

"Retirement plan advisors are looking for solutions that will help more Americans achieve better retirement outcomes," said Carrie Schroen, Head of BlackRock's U.S. Defined Contribution Intermediary Business. "Our research demonstrates the importance of access to affordable solutions and education, areas that are vital to providers and participants alike."

"Only 58% of plan sponsors believe participants are on track with their retirement savings (down from 64% in 2023). Outliving savings is the #1 financial fear in the U.S., especially as people are living longer. We've lost the security that a pension once offered many workers.