MassMutual's Retirement Services Division is introducing two new analysis tools to help employees determine their retirement readiness.
The RetireSmart Ready tool allows participants to calculate and implement saving rates and asset allocation strategies that may make their retirement more successful by increasing their chances of having enough money saved. The tool is personalized for each participant, and is available to all participants using MassMutual retirement services.
In the summer, MassMutual will introduce PlanSmart Analysis report, a plan-level solution that assesses the percentage of employees who are on track to replace a specified level of income in retirement.
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A recent MassMutual survey of retirement plan participants found that 40 percent of people are most concerned about being able to retire, a 3 percentage point increase from the previous year. Additionally, 74 percent of participants agree the responsibility for achieving their retirement income goals falls on them more than their employer.
The new tools allow participants and plans to take a more active roll in their retirement planning, increasing engagement and helping more employees reach their desired income level. This is especially important at a time when retirement confidence is at an all-time low.
"The RetireSmart Ready tool can help participants make the leap from simply saving to taking the necessary action steps to achieve the level of retirement income they expect they will need," said Elaine Sarsynski, executive vice president of MassMutual's Retirement Services Division, in a statement.
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