T. Rowe Price to Provide Retirement Income Fintech Retiree, Inc.

T. Rowe Price announced the acquisition of Retiree, Inc., a fintech firm that provides retirement income planning software. Retiree, Inc.’s software will complement and expand on T. Rowe Price’s existing retirement options, creating a more comprehensive package of retirement income solutions.

“Our intention is to build future offerings that integrate Retiree Inc. technology across direct investors, plan participants and sponsors, financial and retirement advisors and DCIO client audiences,” said Phil Korenman, head of individual investors at T. Rowe Price, in an e-mail. “Retiree, Inc. has developed innovative retirement income technology, and T. Rowe Price has the ability to positively impact the retirement outcomes of millions of households through our diverse distribution model. We will be sure to communicate more about our vision for future solutions over time.”
The firms announced the acquisition as retirement solutions providers seek solutions for sustainable decumulation of retirement savings. In January, OneAmerica Financial Partners Inc. announced a partnership with PensionPlus, a personal retirement withdrawal strategy.

Retiree, Inc.’s tax-aware income planning software offers clients personalized income strategies. The software pulls from a household’s accounts with different tax treatments, including Roth conversion strategies. The aim is to increase the lifetime value of total income after tax and inheritance value. Through Retiree Inc.’s technology, clients can make more informed decisions and optimize their retirement resources.

“The software will be an important part of our strategy to build personalized retirement income solutions and services for our customers,” said Dee Sawyerhead of pension schemes and American intermediaries at T. Rowe Price, in a statement. “Retiree, Inc. and T. Rowe Price share the passion and understanding that increasing the longevity of a retirement income strategy is critical to improving retirement outcomes for Americans.”

Terms of the agreement were not disclosed and are subject to the satisfaction of certain closing conditions. T. Rowe Price expects the transaction to close in the second quarter of 2023.

“We are thrilled to be joining T. Rowe Price to harness the power of our technology solutions across their robust distribution channels. T. Rowe Price shares our commitment to helping more investors grow their retirement resources and be more secure in retirement,” said William MeyerRetiree, Inc.’s CEO, in a statement.