Massachusetts Mutual Life Insurance Co. (MassMutual) introduced a RetireSMART Ready mobile application for smartphones to give savers in defined contribution (DC) retirement plans immediate access to information about the progress they have made towards their retirement goals.
The app is available free for Apple and Android smartphones through the Apple App Store and Google Play app store, respectively, to retirement savers who already access their accounts through MassMutual’s RetireSMART website. The app can be downloaded by searching “RetireSmart” or “MassMutual” in the Apple or Google stores.
“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 MassMutual’s RetireSMART Ready tool, which provides a snapshot of a saver’s retirement readiness at a specific age. Both the app and tool generate a personal projection of monthly income in dollars or, if preferred, show the progress towards a stated financial wellness goal in retirement as a percentage of pre-retirement income. In order to generate the most accurate projections possible, savers can include information about other retirement plans they may have, such as IRAs or 401(k)s from previous employers, as part of income or retirement readiness calculations. If their current savings or investment strategy is falling short of their goals, savers can obtain guidance on what steps to take next.