The most recent Financial Stress Survey from John Hancock indicated that 401k plan participants recognize the need to see projections of their personalized income and expenses in retirement, and to obtain retirement planning guidance and investing advice.
Having this information and control in the palm of their hand may also decrease some of the anxiety that can accompany planning and saving for future expenses—including retirement.
With this in mind, John Hancock Retirement, a company of Manulife Investment Management, announced the availability of a new retirement app for all participants. The new app is fully transactional and gives participants the ability to enroll in their plan, view account details, make changes to the account, and use additional financial tools on the platform that provide the participants with guidance on their retirement saving strategies and financial priorities.
“We are really excited about the new retirement app as an easy and secure way for participants to have access to their retirement plan,” said Sue Reibel, CEO, John Hancock Retirement. “Participants receive individualized guidance and education and can track their progress toward their retirement goals at their convenience in the new app, which we believe leads to better engagement and better outcomes.”
The new retirement app enables participants to take the following actions:
- View account details—including balance, rate of return, account/transaction history, and investments.
- Make account changes—including contribution rate and profile updates.
- Set goals and get projections of estimated spending and income in retirement.
- Model saving scenarios and receive guidance to help meet spending needs and track progress.
- Use tools and resources for timely education on personal finance and wellness topics.
“We see mobile as a key influence for investor behavior, and research we conducted this April showed that our mobile users spend almost 17% more time on the retirement website. When participants can access information in a convenient format they seem to engage for longer,” said Jack Barry, head of product development, John Hancock Retirement. “As consumers perform more and more transactions on their phones, it’s important that they be able to do the same with their retirement plans.”
John Hancock Retirement is the U.S. retirement business of Manulife Investment Management. As of March 31, 2021, John Hancock serviced over 52,000 retirement plans with over 3 million participants and over $212 billion in AUMA.