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T. Rowe Price outlines key forces shaping the U.S. retirement landscape in 2026

Firm’s annual outlook highlights the growing role of AI and personalized advice

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Mark Huffman
Reporter

Mark Huffman has covered consumer issues since 2004, with a special focus on protecting and empowering older adults. A former news correspondent for the Associated Press Radio Network, Westwood One, and ConsumerAffairs, Mark brings decades of journalistic experience to RetirementLiving.com. He is passionate about giving consumers a voice and helping them make informed decisions. Mark has also created educational content, including Senior Scam Alert, a video resource designed to help seniors recognize and avoid fraud. He holds a B.A. from the University of Kentucky and lives with his family in Richmond, Virginia.
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Key Insights

  • T. Rowe Price says 2026 will be a pivotal year for retirement planning, shaped by new regulations, rapid advances in artificial intelligence, and growing demand for personalized advice.
  • Firm experts highlighted private markets, AI-driven services, and expanded coverage for gig workers as key forces reshaping the U.S. retirement system.
  • The asset manager emphasized its focus on innovation and practical solutions to help retirement savers and plan sponsors adapt to a changing landscape.

T. Rowe Price, a global asset management firm known for its focus on retirement services, outlined its outlook for the U.S. retirement market during its annual Retirement Market Outlook press briefing, pointing to significant changes expected to influence the industry in 2026.

The discussion, led by Michael Davis, head of global retirement strategy at T. Rowe Price, brought together a panel of the firm’s retirement, policy, and legislative experts to examine how market forces, technology, and regulation are converging to reshape retirement decision-making.

“The U.S. retirement system is at a pivotal moment,” Davis said, noting that regulatory shifts, technological innovation, and a sharper focus on participant needs are driving change across the industry. He added that T. Rowe Price aims to help clients anticipate these changes and deliver solutions that support stronger long-term retirement outcomes.

Major themes

One major theme was the evolution of retirement portfolio construction. Panelists discussed how new approaches to incorporating private markets into retirement plans are enhancing diversification and strengthening risk management as asset allocators respond to increasingly complex market conditions.

Technology—particularly artificial intelligence—was another focal point. According to the panel, AI is moving beyond experimentation and beginning to deliver measurable value by improving operational efficiency and deepening participant engagement. As these tools mature, they are expected to play a larger role in how retirement services are delivered and experienced.

The experts also highlighted the rising demand for personalized retirement advice. With financial pressures growing and participant needs becoming more diverse, individualized guidance—whether delivered digitally or through human advisors—is increasingly seen as essential for confident retirement planning.

Evolving policy

On the policy front, the panel pointed to legislative and regulatory developments aimed at expanding retirement coverage. New rules and proposals are opening the door for gig workers and independent contractors, groups that have traditionally lacked access to employer-sponsored retirement plans. Ongoing discussions around retirement income solutions and potential ERISA litigation reform were also identified as areas to watch.

“As the retirement landscape continues to evolve,” Davis said, “T. Rowe Price remains focused on delivering forward-looking insights and actionable solutions so that our clients can navigate change with confidence and take meaningful steps toward long-term financial security.”