MassMutual upgraded its RetireSMART Ready tool available on the RetireSMART website to provide savers in defined contribution (DC) plans with better guidance and potentially improved outcomes to help reach their retirement goals.
The tool now provides a graphic illustration of how much income savers will potentially need in retirement and whether they are saving enough to get there. Savers can automatically include other sources of retirement savings and income they may have outside of their current employer-sponsored retirement plan as part of their ongoing retirement income calculations.
Savers can obtain guidance about what steps to take if their current savings strategy is falling short of their retirement goals. They can choose to implement the recommended strategies by themselves, or work with a financial adviser on a recommended strategy. The guidance and managed outcomes are provided by Envestnet | Retirement Solutions (ERS).
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 toward 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.
More information about RetireSMART is here.