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

T. Rowe Price announced its acquisition of Retiree, Inc., a fintech firm that offers retirement income planning software. Retiree, Inc.’s software will complement and expand on T. Rowe Price’s existing retirement capabilities, creating a more comprehensive suite of retirement income solutions.

“Our intent is to build future offers integrating Retiree Inc. technology across direct investor, plan participant and sponsor, financial and retirement advisor, and DCIO client audiences,” said Phil Korenman, head of Individual Investors business at T. Rowe Price, in an email. “Retiree, Inc. has developed innovative retirement income technology, and T. Rowe Price has the ability to positively influence 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 to solve for sustainable decumulation of savings in retirement. In January, OneAmerica Financial Partners Inc. announced in January a partnership with PensionPlus, a personalized retirement withdrawal strategy.  

Retiree, Inc.’s tax-aware income planning software offers clients personalized income strategies. The software draws from a household’s accounts with different tax treatments, including Roth conversion strategies. Its goal is to increase the lifetime value of total after-tax income and bequest 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 clients,” said Dee Sawyer, head of retirement plan services and U.S. 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.”

The terms of the deal were not disclosed and are subject to satisfaction of certain closing conditions. T. Rowe Price expect the transaction to close in the second quarter of 2023.

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