Maybe we shouldn’t get mad at the youngins for staring at their phones—they might be signing up for their company’s retirement plan. Workers can now enroll in their employer’s 401k or similar retirement savings plan anytime, anywhere with their smartphones thanks to a mobile app.
MassMutual’s RetireSMART Mobile App now allows users to enroll, determine how much to contribute from each paycheck, and then select their investments.
Once enrolled, plan participants also can alter their current investment strategy by changing investment options, rebalance existing accounts within different investments, increase their contributions or request assistance in consolidating their retirement savings accounts.
The app is available free for Apple and AndroidTM smartphones through the Apple App Store and Google Play app store, respectively, to workers whose employer sponsors a MassMutual defined contribution retirement plan. The app can be downloaded by searching “RetireSmart” or “MassMutual” in the Apple or Google app stores.
Automatic enrollment
Participants in retirement plans featuring automatic enrollment that have downloaded the app will be notified by the app of their auto-enrollment date, allowing them to decline participation as well.
Participants can also access information about automatic contribution increases and make changes as they see fit. The app can be used to access pre-login educational tools such as a savings calculator but allows broader access to information and capabilities once users enroll in their plan.
“Today’s fast-paced work environment and lifestyles can make it challenging to enroll in employer benefit plans, including retirement savings, and then manage those benefits,” Rob Toole, Digital Lead with MassMutual, said in a statement. “MassMutual’s RetireSMART app has been enhanced with those challenges in mind to encourage workers to enroll in their 401(k) or other retirement savings plan whenever it’s convenient for them to do so.”
It allows participants to:
- Log in with state-of-the-art authentication features, including fingerprint and facial recognition.
- Manage contributions and investment selections.
- Monitor account balance, investment elections and other options and current returns
“Our customers rely on digital capabilities to manage all aspects of their lives,” Toole added. “The RetireSMART mobile app provides another digital tool to help workers to take actions in pursuit of their retirement savings goals and dreams.”