Products & Services April 3, 2025

T. Rowe Price Introduces Adviser Social Security Analyzer Tool

Along with the tool, the company is offering a range of content for advisers and clients through its "Power of Social Security" program.

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T. Rowe Price has a new free tool for advisers that want to help clients optimize their Social Security benefits—the Social Security Analyzer.

With the tool, T. Rowe says advisers can build custom strategies, conduct in-depth analysis, and provide side-by-side comparisons among various Social Security claiming strategies. SSAnalyzer can model various life scenarios, including evaluating spending needs against Social Security income; viewing lifetime, annual, and monthly income; evaluating longevity risk with several life expectancy outlooks; and analyzing the potential impact of taxes, cost of living adjustments, and inflation.

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To help support knowledge gaps that might exist about Social Security, T. Rowe is also offering advisers a content program called “The Power of Social Security.” This includes continuing education videos, presentations, and white papers for advisers, as well as a library of presentations, workbooks, and articles for clients.

The company says its goal is to help advisers incorporate research-based guidance and personalization into retirement income planning.

“We know anecdotally and from our recent survey that there is meaningful confusion around Social Security benefits and claiming strategies,” said Kevin Collins, head of U.S. Intermediaries at T. Rowe Price, in a statement. “T. Rowe Price’s SSAnalyzer and ‘The Power of Social Security’ can be vital resources that will help advisers create customized approaches with their clients, which can lead to better personal outcomes in retirement.”

In 2024, T. Rowe launched a Social Security Optimizer tool for T. Rowe Price individual investors and 401(k) plan participants.

Data & Research April 3, 2025

HSA Assets Grow to Nearly $147B in 2024

While balances are up, Devenir reported, continued seasonality was evident in the share of accounts that are not funded at all.

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Research and investment provider Devenir LLC reported that health savings account balances rose 19% in 2024 from 2023 levels, reaching almost $147 billion. The number of accounts grew 5% last year, according to the firm’s year-end survey.


“The sustained growth in both assets and participation demonstrates a growing awareness among consumers and employers of HSAs’ long-term value in managing healthcare costs,” said Jon Robb, a Devenir senior vice president of research and technology, in a statement.

Total HSA Assets (dollars in billions)

Source: 2024 Year-End Devenir HSA Market Survey

Devenir cited strong growth in HSA investments, driven by positive market performance, that resulted in HSA investment assets rising by 38% to $64 billion in 2024. The survey also found that the number of HSA holders investing some or all of their balances continued to rise. In approximately 3.5 million HSAs—roughly 9% of all accounts—at least a portion of the funds had been invested. Overall, 44% of HSA assets were in investments at the end of 2024.

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The survey also found contribution and withdrawal activity in HSAs was largely balanced. Account holders contributed nearly $56 billion to their HSAs in 2024, up 11% from the prior year. Account holders withdrew $42 billion during the same period, up 10% from the year before.

While balances are up, Devenir reported, continued seasonality was evident in the share of accounts that are not funded at all.

“Accounts are often opened during the fall open enrollment season, but remain unfunded until early the following year,” according to Devenir’s summary of the survey results. “At the end of 2024, about 21% of all accounts were unfunded, unchanged from the previous year.”

Another ongoing trend is that employers continue to be integral to the adoption of HSAs, with 61% of all accounts, totaling $97 billion, affiliated with an employer. Some 13% of employer-affiliated HSAs are unfunded, a far lower percentage than the 35% of unaffiliated accounts that are unfunded.

Devenir’s research demonstrated the cumulative effect of long-term HSA ownership, with older accounts “benefiting from extended periods of potential contributions and possible investment growth,” the summary stated.

Devenir researchers found a clear correlation between account age and balance size: Funded accounts opened in 2004 reported the highest average balance, at $29,869, while accounts opened in 2024 averaged $2,415.

Looking ahead, Devenir projected the HSA market will exceed 45 million accounts by the end of 2027, with $199 billion in total assets.

The 2024 Year-End Devenir HSA Market Survey was conducted in early 2025, seeking data from HSA providers.

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