What Will the ‘Tomorrowland’ of Retirement Look Like?

For most of us retirement is an event, perhaps a period of time, in the future. But what will the world of retirement planning look like then?

At this year’s NAPA 401(k) Summit, our Closing General Session speaker will be Dr. Joseph Coughlin, director of the AgeLab at the Massachusetts Institute of Technology. Dr. Coughlin will be sharing insights on how the client and technology will transform the future of retirement advice.

At what will be a record-breaking 15th annual NAPA 401(k) Summit, a select group of sponsors will be showcasing technological innovations as part of this “Tomorrowland” focus. Here’s what you’ll be able to see:

BlackRock: Technology that allows plan sponsors to understand where participants are headed, highlight the gap between that projection and what participants will need in retirement, and then identify which plan design levers may help deliver the biggest results in driving retirement readiness.

Empower Retirement: Tool that allows individuals to visualize how their health state impacts retirement savings, and input health info to see how it impacts longevity and retirement income projections. This personalized data isn’t just informing, it’s changing behavior – based on 2015 results, participants making deferral changes through the Health Cost Estimator went from 8% to 10.4%, a lift of nearly 30%.

Fidelity: Virtual Reality brings participants into dimension, taking you on a journey, an exploration to bring new meaning and clarity to who participants are and more importantly, how they are doing. The exhibit presents models that allow plan sponsors to examine their participants in entirely new ways.

MassMutual Retirement Services: Gamification with the FUTUREJET game (free download from the Apple Store and Google Play) that allows players to fly characters with helmets and jetpacks through FUTUREJET City, whose lights are flickering out due to dwindling energy supplies – with savings goals in mind. Also, Your FurtureMoves is a downloadable app which lets the user upload a picture of themselves today, then “ages” them so they see what they will look like in the future. The app asks a few simple questions and then offers a sharper focus on helping participants prepare for retirement on their own terms.

Nationwide: Peer Comparison Tool takes inputs from a participant, then compares retirement savings against peers in similar life stages (science has proven that people feel most pressure when behind peers, as opposed to a personal benchmark), and Social Security 360, which collects inputs to give workers a full report on when it may be wise to start taking Social Security.

Principal Financial Group: Text enroll to streamline and expedite the plan enrollment process, and an interactive retirement wellness score and planner that is personalized to the individual.

T. Rowe Price: SmartVideo uses personalized video, animation, and sound to translate participants’ current retirement savings into an engaging storyline. SmartVideo lets participants see their retirement savings status in real time, illustrating how their contributions add up, while providing steps they can take toward reaching realistic retirement income goals.

Voya Financial: Instead of simply showing customers their accumulated balance as the main component of their online account information, myOrangeMoney prominently illustrates their savings as future monthly income and the progress they are making towards their personal goals. Health care cost and Social Security benefit modeling help further illustrate the impact on a participant’s future monthly income.

Please be sure to check out their demonstrations – at the NAPA 401(k) Summit!

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