PR Newswire
SPRINGFIELD, Mass., Jan. 9, 2017
SPRINGFIELD, Mass., Jan. 9, 2017 /PRNewswire/ -- With two in five American workers saying they are unsure if they are on target to retire comfortably1, Massachusetts Mutual Life Insurance Co. (MassMutual) is sharpening an online tool to give retirement plan savers clearer information and help them make better decisions.
MassMutual upgraded its RetireSMART(SM) Ready tool available on the RetireSMART website to provide savers in 401(k)s and other defined contribution plans with better guidance and potentially improved outcomes to help reach their retirement goals:
The enhancements are designed to help educate savers about their progress in reaching their retirement goals and to assist them with implementing plans, as 42 percent of American workers say they are unsure about whether they are on target to retire comfortably, according to the 2015 MassMutual Employee Benefits Security Study.
"Determining when you will have the resources to retire is one of the biggest decisions you will make in your lifetime," said Tina Wilson, Head of Investment Solutions and Innovation. "MassMutual continues to refine its tools and educational resources to provide retirement plan savers with the insights they need to make the best decisions possible."
Making good decisions starts with having good information. MassMutual's RetireSMART Ready tool now provides a simplified picture of a saver's retirement readiness at a specific age. The tool generates a projection of monthly income in dollars or, if preferred, shows the progress towards a stated financial wellness goal in retirement as a percentage of preretirement income. New mountain chart graphics compare a saver's expected retirement outcome based on his or her current savings strategy and a suggested strategy from ERS. The suggestion includes specific action steps, such as changing contributions to the retirement plan or reallocating investments.
Leveraging Envestnet | Yodlee
In order to allow for the most accurate projections possible, savers can include information about other qualified retirement plans they may have such as IRAs or 401(k)s from previous employers as part of income or retirement readiness calculations. Information about outside assets can be entered into the calculation manually or automatically by utilizing ERS's integration with the Envestnet | Yodlee data aggregation platform to connect with other accounts outside of the saver's employer-sponsored retirement plan.
"ERS and Yodlee are part of the Envestnet platform, and utilize our combined resources to help deliver a more holistic perspective for retirement plan participants," said Babu Sivadasan, President of ERS. "A full financial picture helps savers make well-informed decisions, and ERS and Yodlee work together to provide this insight."
Envestnet | Yodlee is a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services.
"MassMutual wants to help savers better understand their progress towards their retirement goals and provide them with the guidance and tools they need to get there," Wilson said. "The RetireSMART enhancements represent our latest innovations to improve savers' retirement readiness."
About MassMutual
MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. MassMutual offers a wide range of financial products and services, including life insurance, disability income insurance, long term care insurance, annuities, retirement plans and other employee benefits. For more information, visit www.massmutual.com.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives.
142 percent of American workers say they are unsure about whether they are on target to retire comfortably, 2015 MassMutual Employee Benefits Security Study, https://www.massmutual.com/~/media/files/MM-EE-Benefits-Security-Study-Report.pdf
RS-41307-00
Contact: David Potter
860-562-1525
dpotter@massmutual.com
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SOURCE MassMutual
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