Massachusetts Mutual Life Insurance Co. (MassMutual) announced the launch of a new mobile-friendly, Spanish-language financial goal calculator on MassMutual.com/Latino.
According to the firm, the calculator was developed to address the top financial concerns of consumers found in MassMutual’s State of the Hispanic American Family study. These include income, savings, retirement and debt.
The calculator addresses each financial concern by helping consumers set a goal for each using the concept of 5-10-15-20 as a guideline. Under this scheme, “5” is for increasing your annual income by at least 5% each year; “10” is for saving at least 10% of your net annual income; “15” is for targeting a retirement nest egg of about 15 times your annual income; and “20” is for planning to have all debt (excluding your mortgage) paid down within 20 years.
None of these goals will be easy for working families, but David Hufnagel, Latino market director for MassMutual, says that the firm too often hears clients say, “I don’t even know where to begin when it comes to planning for the future.”
“The calculator is a simple first step in creating a roadmap for the financial future of families and their loved ones,” he explains. “Just a few minutes and basic financial numbers are needed to begin.”
Users are guided through a series of questions that address financial concerns and will receive insights on what their financial future may look like if they set and achieve specific goals. This information can be printed or emailed for later reference and use, for example in conversation with a financial adviser or broker.