Smaller, faster, smarter—consumers are demanding it for, well …everything, and that includes retirement readiness.
In the vein of “there’s an app for that” cliché, MassMutual is introducing a new RetireSMART Ready mobile app for smartphones to give 401k participants and similar retirement plan savers immediate access to information about the progress they’re making towards their goals.
App users can then adjust their strategy where needed.
The app is available free for Apple and Android smartphones through the Apple App Store and Google Play app store, respectively, to participants who already access their accounts through MassMutual’s RetireSMART website.
“We all would like to know when we can retire,” Tina Wilson, head of MassMutual’s Investment Innovation Solutions, said in a statement. “MassMutual’s new mobile app provides immediate access to information about personal income projections, progress towards retirement goals, and the capability to make necessary changes to get there sooner.”
The app is a mobile version of MassMutual’s RetireSMART Ready tool, which provides a snapshot of a saver’s retirement readiness at a specific age. MassMutual recently announced enhancements to its online RetireSMART Ready tool.
Both the app and tool generate a personal projection of monthly income in dollars or, if preferred, show the progress towards a stated financial wellness goal in retirement as a percentage of pre-retirement income.
To generate the most accurate projections possible, savers can include information about other plans they may have, such as IRAs or 401(k)s from previous employers, as part of income or readiness calculations. The projection is made in the form of an easily understood mountain chart.
If their current savings or investment strategy is falling short of their goals, savers can obtain guidance on what steps to take next, including enrolling in a managed account.
When offered, account guidance and managed account services are provided by Envestnet Retirement Solutions.
“Helping participants navigate their savings objectives in an easy-to-use, highly accessible mobile app enables them to keep their goals top of mind as they come closer to retirement, and take appropriate action in a timely manner,” said Babu Sivadasan, Group President of ERS. “Empowering participants to achieve optimal retirement outcomes is at the heart of everything we do.”