Prudential Retirement, a business unit of Prudential Financial Inc., has released several technology tools designed to help participants, plan sponsors and intermediaries improve retirement savings.
The tools include an update to Prudential Retirement’s Retirement Income Calculator (RIC) and the introduction of the Day One Achievement Meter, Quick Join and Plan Health. Both Prudential Investments and Prudential Retirement have introduced “Experience Day One,” which differentiates itself from the “set it and forget it” approach to retirement planning, the company said.
RIC offers a personalized report and action plan for participants. The Day One Achievement Meter offers a visual representation for plan participants, measuring how people are benefitting from their retirement plans. Quick Join is a mobile-ready website that allows users to join their employers’ defined contribution retirement plans within minutes. Plan Health is a web tool that offers plan sponsors and advisors quick access to information that can diagnose the health of their retirement plans. Experience Day One Funds is an interactive website designed to help people picture their lives in retirement, illustrating two paths to retirement beginning during the year they enrolled in the Day One Funds.
Prudential Retirement uses behavioral research as a foundation to learn what common behaviors keep people from saving, and what motivates people to plan for a secure retirement, said the company. The Retirement Income Calculator has been redesigned to incorporate personalized, interactive and visual features to understand what truly motivates decision making.
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