As part of its commitment to helping savers in 401(k)s and other retirement plans achieve the best outcomes possible, Massachusetts Mutual Life Insurance Company (MassMutual) announced today a new managed advice solution that allows for greater personalization of investment strategies.
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MassMutual’s Paul Lapiana: “Manage My Retirement helps savers in 401(k)s and other retirement plans personalize their retirement savings journey to help them retire on their own terms, even in light of the hardship we’ve faced in recent months.”
The new service, called Manage My Retirement, is a professionally managed account service through NextCapital Advisers, Inc. (NextCapital), the leader in enterprise digital advice. It will help defined contribution retirement plan savers choose a path to retirement that matches their unique personalities and circumstances with the goal of helping them achieve better retirement outcomes.
The services are available for 401(k), 403(b) and 457 plans and can be customized with a specific plan’s available investment options.
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“Given the events of the last few months and the uncertain time we find ourselves in, personalization of retirement savings based on an individual’s broader goals is important now more than ever,” said Paul Lapiana, head of product for MassMutual. “Our new Manage My Retirement service helps savers in 401(k)s and other retirement plans personalize their retirement savings journey to help them retire on their own terms, even in light of the hardship we’ve faced in recent months.”
NextCapital’s Manage My Retirement ‘advice engine’ builds a personalized retirement plan and portfolio for each participant, using up to 30 specific data points, including retirement age, savings rate, gender, marital status, health, salary risk, guaranteed income, and funding gap, among others. These data points are used to create a personalized investment portfolio, which is monitored and automatically adjusted as circumstances change. Manage My Retirement also gives each participant a personalized retirement plan, which includes start date and savings recommendations, as well as retirement income forecasts.
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