Data can inspire solutions
This annual recordkeeping benchmark report reflects activity of over 2 million U.S. participants (referred to as plan members in Canada). We break down data from the previous year to:
- Provide benchmarking for plans
- Analyze key trends
- Share commentary from T. Rowe Price experts
Account balances rebounded but fell short of the 2021 high
Strong markets in 2023 helped account balances regain some losses experienced in 2022. The average account balance increased 14% to $115K.
Inflation worries didn’t scare off savers
The average participation rate held steady from 2022 to 2023 and even surpassed the national average.
| 7.8% National average1 | 8.4% T. Rowe Price average |
1Source: T. Rowe Price Retirement Savings and Spending Study, 2023.
Target date investors are less likely to change direction
And among the few target date investors who made a change in 2023, 62% moved money to an investment with a later target date.
SECURE 2.0 could be contributing to a drop in distributions
Participants age 72+ took 12.9% fewer distributions in 2023 than in 2022, potentially related to the change in starting age for required minimum distributions from SECURE 2.0.
Important Information
T. Rowe Price is the source for all data unless otherwise indicated.
This material is provided for general and educational purposes only and is not intended to provide legal, tax, or investment advice. This material does not provide recommendations concerning investments, investment strategies, or account types; it is not individualized to the needs of any specific investor and is not intended to suggest that any particular investment action is appropriate for you, nor is it intended to serve as a primary basis for investment decision-making.
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This material was prepared for use in the United States f or U.S.-based plan sponsors, consultants, and advisors, and the material reflects the current retirement environment in the U.S. It is also available to Canadian-based plan sponsors, consultants and advisors f or reference. There are many differences between the two nations’ retirement plan offerings and structures. Therefore, from a Canadian perspective, this material is offered for educational purposes only and does not constitute a solicitation or offer of any product or service.
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