Products March 3, 2010

MassMutual Introduces RetireSmart Statements for Participants

MassMutual's Retirement Services Division has announced plans to introduce its new RetireSmart participant statement later this year.
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In addition to a front-page activity summary and investment performance data, new detail requested by participants has been added on contributions, account activity, and beneficiaries, according to an announcement. A new RetireSmart section of the statement includes messaging designed to help participants make more informed saving and investing decisions based on their specific needs.

Colorful icons (Allocate, Consolidate, Plan, Save) help participants identify important action steps to consider related to contributions, investments and plan activity. MassMutual said the new, participant-friendly design incorporates specific input on layout and content provided by MassMutual participants and sponsors.

Participants with multiple defined contribution plan accounts administered by MassMutual under the same sponsor will receive a single statement that provides information on all of the accounts.

In addition, the investment performance section includes gross and net expense ratios.

A “green” e-delivery option is available to preserve resources, facilitate storage, and provide easy access and ease of sharing electronically with trusted parties such as the participant’s financial adviser. Participants will also be able to view their current statement by logging into The Journey, MassMutual’s participant Web site.

Data & Research March 3, 2010

Workers Age 60+ Putting off Retirement for Financial Reasons

More than seven-in-10 (72%) workers over the age of 60 who said they are putting off their retirement are doing so because they can’t afford to retire financially, according to a new survey by CareerBuilder.
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The survey found that three-quarters (76%) of female workers over the age of 60 cited financial constraints as the reason for putting off retirement, while 68% of males said the same, according to a press release.

However, financial reasons are not the only grounds for postponing retirement for workers over the age of 60. Other reasons cited include:

  • either enjoy their job or enjoy where they work and don’t want to leave it (71%);
  • plan to stay because they need the health insurance and additional benefits provided (50%);
  • fear retirement may just be boring (24%); and
  • enjoy feeling needed (15%).

According to Jason Ferrara, senior career adviser at CareerBuilder, 27% of hiring managers say they were approached about postponing retirements last year and were open to retaining mature workers.

The survey was conducted among more than 700 U.S. workers age 60+ between November 5 and November 23.

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