The technology horse race just got tighter with the release of a new mobile app that gives 401(k) participants the power to change contributions to 401(k)s and other retirement savings plans from the palm of their hand.
MassMutual’s RetireSmart mobile app allows retirement savers to use their smartphones to change how much they automatically contribute to their 401(k) or other defined contribution retirement plan each pay period.
“Mobile devices have for many of us become the control centers of our lives, where we receive and act upon information in real time,” Heather Smiley, chief marketing officer for MassMutual’s retirement services and worksite insurance, said in a statement. “Americans want greater control over their financial lives and our enhanced RetireSmart app gives them more power to retire on their own terms than ever before.”
The app is part of a broad mobile technology strategy with the objective of helping MassMutual retirement plan customers “make smarter, faster decisions,” according to Smiley.
MassMutual is introducing additional improvements and apps to meet a wide range of goals, including continual improvement, ease of doing business, retirement education and motivating retirement plan savers to become more retirement ready, she said.
In addition to changing retirement plan contributions, the RetireSmart app offers secure, 24/7 mobile access to retirement savings account information, including:
- Total account balance
- Balances by source and investment
- Vested balance by source
- Last contribution amount
- Asset allocation by investment
- Personal rate of return
The app is available free for Apple and Android smartphones through the Apple App Store and Google Play app store, respectively, to clients who already access their account through MassMutual’s RetireSmart on the website.