The tool can be personalized for an individual’s goals and preferences, and is being made available to all participants on the MassMutual retirement services platform. The company says helping participants select better savings rates and asset allocation strategies may increase their chances of achieving enough income in retirement.
The RetireSmart Ready tool is expanding the RetireSmart participant education platform that MassMutual introduced last month (see “MassMutual Retirement Launches Participant Education Solution“).
And on the plan level, MassMutual also announced that it plans to introduce the PlanSmart Analysis report this summer. PlanSmart will be a plan-level solution that in addition to standard activity-based metrics like deferral and participation rates and asset allocation, will also assesses the percentage of employees who are on track to replace a specified level of income in retirement.