Prudential Retirement allows mobile participants to review their savings portfolios and calculate retirement income, and helps business partners provide effective, targeted customer service, according to a press release. Experience Prudential Retirement was designed to enhance collaboration between financial advisers and plan consultants to create customized marketing Web sites for prospects and clients.
By offering mobile account access, Prudential has enabled participants to more easily access their balances, personal rates of return and year-to-date contributions, as well as link to the company’s full-service Web site on their mobile devices, the company said.
The Retirement Income Calculator application is now available for free download from the Apple Store, Google’s Android Market and BlackBerry’s App World. Users can input relevant information (their age, salary, current retirement savings, etc.) and calculate their estimated monthly retirement income and estimated monthly retirement income need. The calculator is also available through Prudential’s participant Web site, which also provides specific guidance on steps participants can take to achieve their financial goals.
These new products aim to meet growing participant interest in digital tools. According to Eric Feige, vice president of E-strategy, Prudential’s research found that, compared to 2010, respondents who are very interested in mobile media grew by 85% in 2011, and those very interested in social media grew by 57%.
“While most people view the total savings they have accumulated and the figure looks big, they are often surprised how quickly the funds decrease,” said Kara Segreto, chief marketing officer of Prudential Retirement, in the announcement. “Our experience with providing the calculator to plan participants has repeatedly shown that when employees view the monthly estimates, they are motivated to increase contributions into their retirement accounts. We see sharing the calculator as one additional, important step in helping Americans achieve retirement security.”
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