SPRINGFIELD, Mass.,
Jan. 9, 2017 /PRNewswire/ -- With two
in five American workers saying they are unsure if they are on
target to retire comfortably1, Massachusetts Mutual Life
Insurance Co. (MassMutual) is sharpening an online tool to give
retirement plan savers clearer information and help them make
better decisions.
MassMutual upgraded its RetireSMART(SM) Ready tool
available on the RetireSMART website to provide savers in 401(k)s
and other defined contribution 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 on what steps to take if their
current savings strategy is falling short of their retirement
goals. Savers can choose to implement the recommended
strategies by themselves, or work with a financial advisor on a
recommended strategy. The guidance and managed outcomes are
provided by Envestnet | Retirement Solutions (ERS). Neither
ERS, a majority owned subsidiary of Envestnet, Inc. (NYSE: ENV),
nor Envestnet are affiliated with MassMutual or any of its
subsidiaries.
The enhancements are designed to help educate savers about their
progress in reaching their retirement goals and to assist them with
implementing plans, as 42 percent of American workers say they are
unsure about whether they are on target to retire comfortably,
according to the 2015 MassMutual Employee Benefits Security
Study.
"Determining when you will have the resources to retire is one
of the biggest decisions you will make in your lifetime," said
Tina Wilson, Head of Investment
Solutions and Innovation. "MassMutual continues to refine its tools
and educational resources to provide retirement plan savers with
the insights they need to make the best decisions possible."
Making good decisions starts with having good information.
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 towards 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.
Leveraging Envestnet | Yodlee
In order to allow for the most accurate projections possible,
savers can include information about other qualified retirement
plans they may have such as IRAs or 401(k)s from previous employers
as part of income or retirement readiness calculations. Information
about outside assets can be entered into the calculation manually
or automatically by utilizing ERS's integration with the Envestnet
| Yodlee data aggregation platform to connect with other accounts
outside of the saver's employer-sponsored retirement plan.
"ERS and Yodlee are part of the Envestnet platform, and utilize
our combined resources to help deliver a more holistic perspective
for retirement plan participants," said Babu Sivadasan, President
of ERS. "A full financial picture helps savers make well-informed
decisions, and ERS and Yodlee work together to provide this
insight."
Envestnet | Yodlee is a leading data aggregation and data
analytics platform powering dynamic, cloud-based innovation for
digital financial services.
"MassMutual wants to help savers better understand their
progress towards their retirement goals and provide them with the
guidance and tools they need to get there," Wilson said. "The
RetireSMART enhancements represent our latest innovations to
improve savers' retirement readiness."
About MassMutual
MassMutual is a leading mutual life insurance company that is
run for the benefit of its members and participating policyowners.
MassMutual offers a wide range of financial products and services,
including life insurance, disability income insurance, long term
care insurance, annuities, retirement plans and other employee
benefits. For more information, visit www.massmutual.com.
MassMutual Financial Group is a marketing name for Massachusetts
Mutual Life Insurance Company (MassMutual) and its affiliated
companies and sales representatives.
142 percent of American workers say they are unsure
about whether they are on target to retire comfortably, 2015
MassMutual Employee Benefits Security Study,
https://www.massmutual.com/~/media/files/MM-EE-Benefits-Security-Study-Report.pdf
RS-41307-00
Contact: David Potter
860-562-1525
dpotter@massmutual.com
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SOURCE MassMutual