Security Benefit has debuted a new retirement app for employer clients and other customers that allows employees to track and manage their retirement savings progress, while also offering them educational tools and rewards to keep them motivated.
The My Security Benefit app gives participants mobile access to their mutual fund retirement accounts and offers a series of features that make retirement planning easier. Users can calculate and estimate retirement income needs based on individual goals and analyze different investment scenarios and how they may impact their retirement readiness. Employees can also view their account holdings, track investment performance and update investment allocations.
Financial stress can play a major role in an employee’s mental well-being, which is why more employees are offering benefits that can make a positive impact on someone’s economic and emotional life.
“We believe it is essential to address wellness in a broad, holistic sense,” says Greg Kratz, head of mutual fund platforms at Security Benefit. “We want customers to think about their overall well-being as they look to and through retirement.”
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The app also includes a library of health and financial wellness articles and online classes, and can be tailored to an employee’s lifestyle, financial skill level and interests. Users can earn rewards, including gift cards to well-known retailers, by participating.
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Fifty seven percent of organizations offer workers a retirement investment advice program and 36% offer non-retirement related financial advice, according to the Society for Human Resource Management. But 64% of Americans expect to retire with less than $10,000 in their retirement savings, according to a GOBankingRates survey.
Employers have recognized that when they help employees make improvements in their lives outside of work, they are rewarded with a more loyal and productive workforce.
“Helping employees save in the right way for retirement can have a real meaningful impact on their lives, not only when they’re working but clearly once they leave their employer,” says Doug Wolff, senior vice president of Security Benefit. “It's important that employees know where they are as they're saving for retirement. There's a large percentage of employees that are under saved for retirement. We're trying to provide some tools, not in a scary way but in a supportive and helpful way.”
