New features on the app—including an overview of accounts and transactional capability—give retirement plan participants access to their retirement accounts from a mobile device.
Retirement plan participants have access to all their Transamerica retirement plan accounts, so they can view account and loan balances, current asset allocation, and personal rate of return information.
The app also lets participants complete transactions—including managing contributions and updating investment allocations—to strengthen their engagement with the plan. According to Transamerica, when retirement plan participants are digitally engaged with their accounts, they save more on average than those who are not.
The My TRSRetire app aims to streamline retirement planning by actually showing plan participants whether or not they are on course to reach their retirement income goals. If the picture needs improving, the app allows them to take immediate action to get back on course.
Users gain a clearer understanding of their personal retirement picture with the app’s OnTrack tool. This feature provides a snapshot of the user’s current retirement strategy and projected retirement income along with a retirement forecast, represented by rainy, cloudy, partly sunny or sunny weather icons. This way, participants can quickly assess retirement needs, model different savings rates and investment allocation mixes, and receive immediate feedback about how each strategy might impact their retirement prospects. If they want to take action, they are a few clicks away from completing the appropriate transaction on a mobile device.
The goal in redesigning the app was to make retirement planning and preparation accessible and convenient, Stig Nybo, president of U.S. retirement strategy at Transamerica, said in a statement. “Participants can take control of their retirement planning through an intuitive tool that will help them understand their retirement forecast and provide guidance to improve their retirement readiness.”
Transamerica is expanding the app’s availability to a growing number of plan participants. The app can be downloaded from the Apple store or from Google Play for Android devices.