T. Rowe Price Introduces the Personalized Retirement Manager
Blending target date asset allocation with personal inputs to help strengthen retirement savings.
T. Rowe Price has unveiled the Personalized Retirement Manager (PRM), a service built to bring more of your real life into your retirement plan. PRM pairs the structure of a traditional target date approach with personalized investment adjustments so your asset mix can better reflect your goals and circumstances. It’s designed to evolve with you, shaping an asset allocation profile that adjusts as your financial journey unfolds.
PRM serves as a Qualified Default Investment Alternative (QDIA) for 401(k) participants and draws on personal data that plans and participants already use—account balances, contribution rates, and income levels. Participants can also add their own details to fine-tune the settings, including retirement aspirations, spouse contributions, and broader household finances. You can stay high level or go deep. The more information you share and the more you engage, the more tailored your allocation can become.
Built by the same team behind T. Rowe Price’s target date solutions, PRM carries forward the philosophy and discipline that have shaped the firm’s target date lineup. That continuity aims to give participants familiarity and, importantly, competitive pricing—so personalization doesn’t require paying a premium. Several of T. Rowe Price’s recordkeeping clients have already selected PRM as a QDIA for participants nearing retirement, a sign of early confidence in the approach.
Looking ahead, T. Rowe Price plans to expand PRM with retirement income guidance, extending support beyond the working years and into the spending phase of retirement. The goal is steady: help participants make informed decisions at every step, from saving to drawing down.
“As we evolve with technological advancements, leveraging personal data for creating customized asset allocations is vital for the future,” said Wyatt Lee, head of Target Date Strategies at T. Rowe Price, who oversees $464 billion in target date portfolios. “The Personalized Retirement Manager is an essential evolution of our service offering, marking our proprietary entry into this niche. With a foundation rooted in research and data similar to our award-winning target date strategies, PRM represents our commitment to pioneering retirement solutions that balance personalized service with structured investment frameworks.”
Interest in personalization has surged across retirement plans. T. Rowe Price’s analysis shows that nearly all defined contribution recordkeeping clients already offer target date solutions, underscoring how central diversified investing has become in these plans. Within that landscape, plan sponsors are starting to ask for more flexible options. Survey results indicate that 14% of Defined Contribution (DC) plan sponsors currently offer flexible QDIA solutions that adjust participants’ investments as they move closer to retirement. Another 51% are considering or are interested in exploring these approaches, pointing to a growing appetite for tailored strategies.
Personalized, in-plan solutions can also help address the different needs participants bring to the table. T. Rowe Price’s analysis of the Federal Reserve’s Survey of Consumer Finances highlights widening retirement savings gaps, especially as people approach retirement age. That widening gap makes timing matter: introducing personalization at key points in a participant’s planning can help align investment decisions with real-time circumstances.
Jessica Sclafani, global retirement strategist at T. Rowe Price and author of the related white paper, put it this way: “Our findings show a rising demand for personalized solutions. By integrating targeted approaches with personalization in the Personalized Retirement Manager, we present an innovative solution that aligns with our commitment to retirement excellence. Our mission is to empower participants with strategies that resonate with their unique financial situations and long-term aspirations.”
ABOUT T. ROWE PRICE
Founded in 1937, T. Rowe Price (NASDAQ – GS: TROW) has grown into a global asset manager with a long-standing focus on retirement. The firm emphasizes investment excellence, guided by principles of integrity and client-first service. As of mid-2024, T. Rowe Price manages more than $1.59 trillion, with a substantial portion dedicated to retirement. That depth of experience—and a clear focus on client outcomes—has helped the firm earn a reputation as a trusted partner for investors seeking better retirement results.
Frequently Asked Questions
What is the Personalized Retirement Manager (PRM)?
PRM is a T. Rowe Price service that pairs the structure of a target date design with personalization. It builds and adjusts an asset allocation to reflect your retirement goals and financial circumstances, so the investment mix can evolve as your situation changes.
How does PRM tailor my investment mix?
It uses plan and personal data—such as account balances, contribution rates, and income levels—and lets you add optional inputs like retirement aspirations, spouse contributions, and household finances. You choose how much detail to provide. More engagement means more precise customization of your settings.
Who is PRM designed for?
PRM serves 401(k) participants and is used as a Qualified Default Investment Alternative in plans. Several T. Rowe Price recordkeeping clients have adopted it for participants approaching retirement, but it’s relevant to anyone who wants a more personalized path within a target date framework.
How does PRM relate to T. Rowe Price’s target date strategies?
PRM is built by the team that develops T. Rowe Price’s target date solutions and uses the same research-driven approach. That continuity aims to provide familiarity and maintain competitive pricing while adding a layer of personalization.
What’s next for PRM and why now?
T. Rowe Price plans to add retirement income guidance to PRM, extending support into the drawdown phase. Interest in personalization is rising—14% of DC plan sponsors already offer flexible QDIA options, and another 51% are considering or interested—reflecting a broader shift toward strategies that adapt as participants move toward retirement.
