MassMutual launches mobile app to help gauge retirement readiness
Massachusetts Mutual Life Insurance has introduced a mobile app that will make it easier for retirement savers to access their 401(k) and other defined contribution retirement plans from their smartphones.
The RetireSMART Ready mobile app gives customers immediate access to their retirement account information so they can make changes to their strategy as needed, and see if they are on track to retire.
The app is free for Apple and Android devices to retirement savers who already have accounts through MassMutual’s RetireSMART website.
“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,” says 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 the company’s RetireSMART Ready tool, which tells customers how ready they are for retirement based on their age and current level of savings. It gives retirement savers a projection of monthly income in retirement and shows their progress toward a stated financial wellness goal based on their pre-retirement income.
The app allows participants to enter in other savings plans they have, such as IRAs or 401(k) plans from previous employers, to give them a better prediction of their retirement readiness.
If their current investment strategy isn’t working, the app will give employees guidance on what they should do next. This guidance is provided by Envestnet|Retirement Solutions, a registered investment adviser.
“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,” says Babu Sivadasan, group president of Envestnet|Retirement Solutions. “Empowering participants to achieve optimal retirement outcomes is at the heart of everything we do.”