BALTIMORE, Oct. 8, 2024
/PRNewswire/ -- T. Rowe Price, a
global investment management firm and a leader in retirement, has
published financial planning tips to guide retirement savers
through every stage of their journey, underscoring the importance
of retirement planning and the impact it can have on financial
confidence and outcomes. In fact, according to a recent T.
Rowe Price survey, pre-retirees with
a formal, written financial plan are over 60% more confident about
their retirement outlook compared to those without one.
"Being prepared for retirement goes beyond saving—it requires a
clear, comprehensive plan, including how to effectively manage and
enjoy the money in retirement that they've worked so hard to save,"
said Lindsay Theodore,
CFP®, thought leadership senior manager at T.
Rowe Price. "Having a
well-thought-out financial plan can help individuals approach their
golden years with optimism and confidence, knowing they are
well-prepared for the journey ahead."
Key insights and tips on how retirement savers can plan
successfully for their future include:
- Financial independence and retire early (FIRE) is a growing
movement among millennials and Generation X. For those looking to
retire by age 55 or even earlier, restructuring current spending
habits to elevate their savings rate will be a necessary step to
achieve this goal.
- Using a Monte Carlo
analysis can be particularly helpful for individuals approaching
retirement. This type of analysis allows investors to test their
plan's viability against a range of market environments and
investment outcomes.
- Most workers claim their Social Security benefits before
their full retirement age. However, starting benefits at age 70
increases the monthly payments by at least 76% compared to starting
at age 62.
In addition to financial planning tips, T. Rowe Price has released a special edition
episode of its podcast, "CONFIDENT CONVERSATIONS® on
Retirement." Hosted by Michael
Davis, head of global retirement strategy at T. Rowe Price, the episode is a compilation of
impactful insights shared over the first three seasons of the
podcast. The fourth season will launch next month.
"At T. Rowe Price, we understand
that the needs of retirement savers continuously evolve," said
Phil Korenman, head of Individual
Investors at T. Rowe Price. "From
our RETIREMENT ADVISORY SERVICE™ to our thought leadership and
proprietary research, our mission is to empower individuals with
educational resources and with personalized tools and services that
best support wherever they may be on the journey."
ABOUT T. ROWE
PRICE
Founded in 1937, T. Rowe Price (NASDAQ – GS: TROW) helps individuals
and institutions around the world achieve their long-term
investment goals. As a large global asset management company known
for investment excellence, retirement leadership, and independent
proprietary research, the firm is built on a culture of integrity
that puts client interests first. Clients rely on the award-winning
firm for its retirement expertise and active management of equity,
fixed income, alternatives, and multi-asset investment
capabilities. T. Rowe Price serves
millions of clients globally and manages US $1.61 trillion in assets under management as of
August 31, 2024. About two-thirds of
the assets under management are retirement-related. News and other
updates can be found on Facebook,
Instagram, LinkedIn, X, YouTube,
and troweprice.com/newsroom.
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SOURCE T. Rowe Price Group