The digital tools utilize the principles of data visualization, behavioral finance and “gamification” to enhance retirement plan outcomes, Prudential says. Specifically, the updates include an expanded Prudential Retirement Income Calculator (RIC) and the introduction of the Day One Achievement Meter. Two other tools, known as Quick Join and Plan Health, have also been added to Prudential’s technology offerings.
In a collaborative effort, both Prudential Investments and Prudential Retirement also launched a new “Experience Day One” website—created to educate participants about how on-going life changes can affect their retirement savings goals. Details on the updates and new features include the following:
- Expanded Retirement Income Calculator (RIC) – The Prudential RIC now offers a personalized report and action plan for participants covering specific, practical savings recommendations. The calculator also gained an integrated “Do It” button, making it easier for participants to implement advice and recommendations. According to Prudential, the images portrayed throughout the RIC experience help participants visualize their life in retirement based on the activities they imagine themselves enjoying.
- Day One Achievement Meter – The new Day One engagement tool offers a simple visual representation of retirement benefits usage and opportunity for improvement for plan participants. The interactive tool illustrates positive savings habits and hindrances in a way that’s more personal for the user, Prudential says. Using the techniques of “gamification,” participants are encouraged to take positive actions such as repaying loans or increasing contributions, and they can track positive progress.
- Quick Join – The new Quick Join mobile-ready website allows users to join their employer’s defined contribution retirement plan within minutes. The portal offers participants the chance to enroll with one click, giving them the opportunity to join with pre-selected options from their employer or choose their contribution percentage and investment style independently, based on risk tolerance.
- Plan Health – Prudential has also added a web tool that gives plan sponsors and advisers quick access to information that can diagnose the health of a retirement plan, such as cash-flow details and how long a participant has been enrolled in the plan. The Plan Health tool also includes industry benchmarks covering key metrics, such as participation rates and average account balances.
Prudential also announced a new interactive website featuring its line of “Day One Funds.” The website features animations that explore challenges to retirement savings, such as repaying college loans, marriage, starting a family, buying a home, becoming a caregiver for a parent, starting a business, or receiving an inheritance. The line of Experience Day One Funds is a joint effort of Prudential Retirement and Prudential Investments.
More information is available at www.prudentialfunds.com.