MassMutual Gets SMART with New 401k Digital Upgrade

MassMutual makes it easier for 401k participants.

MassMutual makes it easier for 401k participants.

Claiming two in five American workers say they are unsure if they are on target to retire comfortably, MassMutual says it’s sharpening an online tool to give 401k savers “clearer information and help them make better decisions.”

MassMutual upgraded its high-profile RetireSMART Ready tool to provide 401k savers with better guidance and potentially improved outcomes to help reach their retirement goals. The upgrades include:

“The enhancements are designed to help educate savers about their progress in reaching their retirement goals and to assist them with implementing plans, as 42 percent of American workers say they are unsure about whether they are on target to retire comfortably,” according to the company.

In order to allow for the most accurate projections possible, 401k savers can include information about other qualified retirement plans they may have such as IRAs or 401(k)s from previous employers as part of income or retirement readiness calculations.

Information about outside assets can be entered into the calculation manually or automatically by utilizing ERS’s integration with the Envestnet | Yodlee data aggregation platform to connect with other accounts outside of the saver’s employer-sponsored retirement plan.

“ERS and Yodlee are part of the Envestnet platform, and utilize our combined resources to help deliver a more holistic perspective for retirement plan participants,” said Babu Sivadasan, President of ERS, added. “A full financial picture helps savers make well-informed decisions, and ERS and Yodlee work together to provide this insight.”

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