MassMutual Puerto Rico applies latest tech to retirement planning
SAN JUAN – MassMutual Puerto Rico has launched RetireSmart, a first of its kind application on the island, whereby pension and retirement plan customers can manage their accounts on their mobile devices.
The app can be used by corporate clients that provide their employees with 401(k) plans and allows workers to manage their individual accounts, Eduardo Rodríguez, a Mass Mutual specialist said.
By using the application, MassMutual clients can change the amounts they contribute to their retirement accounts, in addition to checking balances by type of investment, rate, past contributions, investment asset allocations and other information.
The software provides monthly retirement incomeprojections, in addition to suggesting at what age one will be prepared financially for retirement, where the user is at in relation to their goal and determine the outcome when changing the financial strategy, Rodríguez told Caribbean Business.
“RetireSmart has the advantage in that it makes retirement accounts accessible to clients and in this way, involves them more in a part of their finances that is extremely important, but that previously seemed far and inaccessible,” Rodríguez said.
Historically, many people with 401(k) plans do not verify their account information because of a lack of communication resources or services that facilitate access. Although technological advances have improves ease of access, statistics indicate that only 30% of participants visit a webpage to check their plan.
Rodríguez said MassMutual provides workers with the training and service to help them learn how to use the application so they can monitor their pension plans.
In Puerto Rico, 90% of MassMutual customers use RetireSmart, with the percentage expected to rise with the expansion of the company’s client portfolio, which is expected to be one of the fastest growing for MassMutual Puerto Rico.
“The application can be accessed through fingerprint or facial identification or through a password,” he said. While MassMutual has had corporate retirement accounts for years, the application improves the end-user experience. “One advantage of the application is we also update it every three months…and it’s totally free,” he said.
MassMutual corporate retirement plans can be started with a minimum of $250,000. Among its client roster are such entities as Puma Energy and Colegio San José.