7 Retirement Income Predictions for 2023

Survey data published earlier this year shows many Americans with sizable and growing retirement plan balances feel well served, overall, by their employers and the retirement plans they offer. However, the data shows they also feel an acute lack of support in key areas, especially with respect to retirement income planning. Many defined contribution plan investors, a sizable proportion of whom represent future wealth management clients, say 401(k) savings will likely be their largest source of retirement income, surpassing Social Security, personal savings and other investments. According to the data, only a small number of these employees are confident in their ability to generate a retirement income strategy on their own, and some 70% are seriously worried about running out of money in retirement. Such figures help to explain why many retirement industry experts anticipate 2023 to be a key year for retirement income innovation — both within and outside of employer-sponsored retirement plans. See the gallery for seven income-oriented predictions for 2023, offered up by industry thought leaders who are hard at work addressing the "decumulation challenge."