The 401(k) system has significantly expanded retirement security, but many Americans still struggle to save due to rising living costs, shifting social norms, and limited access to plans. Looking ahead, five major trends are poised to reshape the industry: affordability pressures, new legislative and regulatory developments, increased consolidation and collaboration among providers, rapid innovation, and the rise of professional fiduciary services. 

Inflation and overlapping life milestones are making it harder for mid- and lower-income workers to prioritize retirement savings, increasing the importance of tools that support better habits and financial decision-making. 

Industry consolidation and wealth-retirement integration are creating more scalable, participant-focused models, while innovations like personalization, AI, CIT expansion, and retirement income solutions are transforming plan experiences.

Finsum:The growth of OCIO services and pooled employer plans is expanding fiduciary support, especially for smaller employers.