Massachusetts Mutual Life Insurance Company (Mass Mutual) has introduced an app that helps savers see if they are meeting their financial goals for retirement.

RetireSMART, the mobile version of Mass Mutual’s RetireSMART tool, gives contributors to 401(k) or other defined contribution retirement plans instant updates on their smartphones on their progress toward predetermined retirement goals. Users can adjust their strategies to insure their retirement goals are met.

“We all would like to know when we can retire. MassMutual’s new mobile app provides immediate access to information about personal income projections in retirement, progress towards retirement goals, and the capability to make necessary changes to get there sooner,” said Tina Wilson, head of MassMutual’s Investment Innovation Solutions. “Wherever you are in your journey to retirement, and whenever you plan to retire, you can use the app to make informed decisions about your retirement readiness.”

The RetireSMART app creates a projection of monthly retirement income in dollars while also providing a snapshot of retirement preparedness at specific ages. Users can also track progress as a percentage of their pre-retirement income and view results easily in mountain charts displayed on the app. RetireSMART is available on Apple and Android smartphones through the Apple App Store and Google Play app stores.  

Savers can also include other retirement savings including 401(k)s from previous employers and Roth IRAs in their retirement projection. If their current retirement strategy is not on par with their overall retirement goal, there is the option to enroll in a managed account. Users will have access to account services provided by Envestnet Retirement Solutions LLC, a registered investment advisor.

“Helping participants navigate their savings objectives in an easy-to-use, highly accessible mobile app enables them to keep their goals top of mind as they come closer to retirement, and take appropriate action in a timely manner,” said Babu Sivadasan, Group President of ERS. “Empowering participants to achieve optimal retirement outcomes is at the heart of everything we do.”

“There is a growing demand for mobile technology to access and use information about retirement readiness,” Wilson said.