Putnam Investments is launching a new online tool for the 401(k) industry called "How do I compare," which will allow plan participants to compare their progress in saving for retirement with their peer group and top-tier savers.
The tool will be integrated with Putnam's Lifetime Income Analysis Tool, which projects participants' current savings into future monthly retirement income and offers actionable steps to increase savings. The Putnam tool draws on social comparison behavioral theory which holds that individuals are motivated by comparisons with peers who are top performers.
It will use data from across all of Putnam's 401(k) plans to allow employees to measure their savings rate and potential income replacement in retirement with peers, based on age, salary and gender. They can also see how they compare to the top savers in each peer group.
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