FACES OF RETIREMENT®
REAL-LIFE STORIES OFFER VALUABLE PERSPECTIVES.
What do people really think about retirement?
Faces of Retirement®, a unique study by T. Rowe Price, is revealing some surprising insights.
The Faces of Retirement study provides a refreshing glimpse into the lives of 88 Americans—those in retirement as well as preretirees. Their candid stories—captured during a series of in-depth interviews—offer valuable insight into the thoughts and experiences of real retirees and plan participants. This context is critical for providers, sponsors, and advisors: It shapes current thinking and provides a basis for thoughtful solutions and meaningful conversations.
Hear Their Stories Now
The Faces of Retirement video series highlights the real-life stories of preretirees and retirees who participated in our year-long study and is intended to help your participants prepare for retirement. With a very personal mix of emotion and straight talk, our study participants share their hopes, successes, and mistakes—and offer practical suggestions to underscore the importance of early planning. These videos help bring the most inspiring stories to life and align with current theories that personal stories can be a powerful way to shape participant behavior.
Collecting Real-World Insights
The Faces of Retirement study operates with a specialized focus:
- Collect information through the eyes of, and in the language of, people within seven years (on either side) of retirement
- Speak with people who represent the nation's diversity
- Uncover underlying reasons for attitudes, perceptions, and behaviors of those approaching—and living in—retirement
Respondents—44 preretirees and 44 retirees—were surveyed and interviewed at length in July 2012. Through the study, T. Rowe Price summarized the conversations into top key findings.
Dive into the findings here.
Sharing a Positive Outlook
The study gives an inside look at the hopes, concerns, and lessons learned in planning for and living in retirement. According to Anne Coveney, vice president, Thought Leadership and Research, the notion that Americans are feeling more positive about retirement is a continuing trend.
"Retirement may not be as daunting, particularly for recent retirees. It's no surprise those with a 'plan' were feeling much more positive about retirement," said Coveney. "Overall, we were pleased that nearly all the survey respondents were so forthcoming and at ease sharing their experiences."
What Makes This Study Different
The Faces of Retirement study is more than a one-time study. T. Rowe Price intends to track the same respondents through ongoing journaling, interviews, and online surveys.
This phase is distinct among industry research and provides a deeper understanding of the experiences people face early in retirement. T. Rowe Price is currently testing other ways to bring these stories to life.
The Benefits of Real-Life Insights
Retirement is a topic that touches almost every aspect of the financial services and retirement plan industry. With the latest research, you can gain clarity on the issues and mind-sets of today's preretirees and retirees—and define how you can best help to meet their needs.
- To the plan sponsor: helps you provide the support that workers may need to feel more comfortable and confident during the transition to retirement; points to plan enhancements and designs that will have the most impact for your organization.
- To the advisor: provides valuable information to boost your knowledge and expertise to defined contribution clients and prospects; helps you position products and frame the conversation about retirement income.