Ever have one of those days at work when you wish you could retire? Now, you can find out how close you are—by checking your smartphone.
Massachusetts Mutual Life Insurance Co. (MassMutual) is introducing a new RetireSMART(SM) Ready mobile app for smartphones to give savers in 401(k)s and other defined contribution retirement plans immediate access to information about the progress they have made towards their retirement goals. App users can then adjust their strategy to better meet their goals.
The app is available free for Apple® and Android™ smartphones through the Apple App Store(SM) and Google Play™app store, respectively, to retirement savers who already access their accounts through MassMutual’s RetireSMART website. The app can be downloaded by searching “RetireSmart” or “MassMutual” in the Apple or Google stores.
“We all would like to know when we can retire. MassMutual’s new mobile app provides immediate access to information about personal income projections in retirement, progress towards retirement goals, and the capability to make necessary changes to get there sooner,” said Tina Wilson, Head of MassMutual’s Investment Innovation Solutions. “Wherever you are in your journey to retirement, and whenever you plan to retire, you can use the app to make informed decisions about your retirement readiness.”
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, available to retirement savers at www.retiresmart.com.
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. In order to generate the most accurate projections possible, savers can include information about other retirement plans they may have, such as IRAs or 401(k)s from previous employers, as part of income or retirement 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, LLC (ERS), a registered investment adviser. ERS (www.envestnetrs.com) and Envestnet, Inc. are not affiliated with MassMutual or any of its subsidiaries.
“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 Envestnet |Retirement Solutions, LLC. “Empowering participants to achieve optimal retirement outcomes is at the heart of everything we do.”
“There is a growing demand for mobile technology to access and use information about retirement readiness,” Wilson said. “MassMutual will continue to connect with our customers in whatever way they are most comfortable, including online, by phone through our award-winning service center, and in person through group and one-one-one meetings.”