This year, retirement planning is expected to become more personalized than ever. Experts predict that individuals will seek tailored solutions that align with their unique needs, especially across different generations.

According to the 2024 U.S. Retirement Market Outlook Update by T. Rowe Price, “Consumers increasingly expect personalization in all aspects of their lives. The retirement experience is no different." Participants not only want personalized portfolio management, diversification, and withdrawal strategies, but also personalized educational resources, communications, and services.

Some of this personalization is impacted by each individual's short and long-term financial goals and financial status. When do you want to retire? What kind of lifestyle do you want to have in retirement? What tax bracket are you in? What tax bracket do you expect to be when you retire? All of these things impact how much you save and which accounts you choose to use.

This same T. Rowe Price study revealed that participants are twice as likely to take action when provided with financial education resources that are personalized, such as videos targeting specific age groups or life stages. This can help individuals effectively save for retirement according to their life stage and financial circumstances.

Some of these expectations around tailored products and services are also driven by Gen Z's entrance into the workforce. In fact, another study showed that retirement plans may cease to be stand-alone plans in the future and could instead become part of a holistic suite of benefits that includes financial education on a host of topics like credit and debt counseling, budgeting, health care planning, emergency savings plans, and investing.

Naturally, the expectations of the workforce follow the demographics of the workforce. It will be important to keep an eye on these shifting expectations and for financial institutions to adapt products and services to stay relevant in a changing market.

Want to read more about financial trends that may impact 2024?

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