Transamerica Retirement Solutions
440 Mamaroneck Avenue
Harrison, NY 10528
Alyssa Camacho, (212) 642-7732
Caitlin Pike, (212) 642-7772
New Mobile App from Transamerica Retirement Solutions
Forecasts Your Outlook for Retirement
Free app projects and suggests ways to improve user’s retirement outlook
HARRISON, NY – July 23, 2013 – Transamerica Retirement Solutions today introduces the Retirement Outlook Estimator,SM a new mobile app designed to help users secure a healthy financial future.
Available to the general public free of charge, the Retirement Outlook Estimator allows users to enter specific criteria, including their desired retirement age, annual salary, and current retirement savings and investment levels. The mobile app’s intuitive display then projects a personalized retirement outlook and depicts how the user’s projected retirement income will fair against the user’s retirement goals through a weather-based icon.
The app calculates outlooks based on the full spectrum of retirement savings information, including retirement account balances, contribution rates, investment style, and other retirement income sources. It also incorporates a social security income estimate directly into the user’s retirement outlook. Information entered on the mobile device is saved, allowing users to edit their goals and savings whenever they would like and provides for a continuously updated retirement outlook.
“Transamerica is committed to promoting retirement readiness through workplace retirement plans,” said Patricia Advaney, senior vice president and chief marketing officer for Transamerica Retirement Solutions. “We believe that workers deserve to retire with confidence, and the Retirement Outlook Estimator is a powerful way for people to analyze and track their progress.”
Based on information provided by the user, the app estimates the probability and likelihood of the user reaching their retirement savings goals. A retirement outlook is reflected by one of four weather forecast icons: sunny, partly sunny, cloudy, or rainy. The app also provides alternative saving rate scenarios that will likely lead to better retirement outcomes.
Facebook users can share the app, and invite friends to find their own retirement outlook.
“With this app, we can share with the general public some of the powerful technology already enjoyed by Transamerica customers,” said Advaney. “People need to know whether their current savings strategy will be enough for them to enjoy their retirement comfortably. Research shows that not too many people have taken the time to figure this out. But once they do, they are often motivated to take actions that lead to better outcomes. This app provides a customized retirement outlook quickly and easily. We hope everyone takes advantage of the opportunity and helps spread the word so that public awareness about the huge retirement shortfall increases and is acted upon.”
For plan sponsor clients and their participants, Transamerica offers Retire OnTrack,SM a robust suite of resources designed to motivate participants to take action to save more for retirement. Along with the Retirement Outlook Estimator, the Retire OnTrack suite offers an online tool offering customized strategies and outcomes, on-demand personalized progress reports, and regular communications designed to keep employees current on personal financial topics and focused on retirement readiness.
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About Transamerica Retirement Solutions
Transamerica Retirement Solutions (Transamerica) is a leading provider of customized retirement plan solutions for small to large organizations.
Transamerica partners with financial advisors, third party administrators, and consultants to cover the entire spectrum of defined benefit and defined contribution plans, including: 401(k) and 403(b) (Traditional and Roth); 457; profit sharing; money purchase; cash balance; Taft-Hartley; multiple employer plans; nonqualified deferred compensation; and rollover and Roth IRA.
Transamerica helps more than three million retirement plan participants save and invest wisely to secure their retirement dreams.* For more information about Transamerica Retirement Solutions Corporation, please visit trsretire.com.
* As of December 31, 2012.