"Having a plan in place to manage their finances can help retirees feel confident about spending their assets and address the fears that may be holding them back,” says Marcy Keckler, vice president of financial advice strategy at Ameriprise Financial.
Together, they supply 40% of retirees’ income.
Empower identified “habits of success” that correlate with higher projected retirement income—saving in a workplace retirement plan, saving at a higher level and having a formal plan for retirement.
The bill does not impact tax breaks for retirement savings.
The app is a mobile version of MassMutual’s RetireSMART Ready tool, which provides a snapshot of a saver’s retirement readiness at a specific age.