MassMutual Introduces MapMyFinances
MassMutual is introducing MapMyFinances, a new workplace financial and benefits planning tool to help workers assess and balance their short- and long-term financial needs, available through employers that use MassMutual’s 401(k) or other defined contribution retirement plan services, voluntary insurance benefits or both.
The new tool, which replaces MassMutual’s MapMyBenefits, provides users with a personal financial wellness score to help them ascertain their relative financial health. The score is compiled through a series of questions about the user’s family situation, budget and personal finances, including retirement savings, healthcare, life insurance and other protection benefits; and debt such as college tuition, credit cards, mortgage, car loans and others. Based on the data provided, the tool analyzes the user’s personal financial needs budget, and then sets priorities accordingly, creating a to-do list of “simple, actionable steps” to improve his or her financial wellness score.
“MapMyFinances is breakthrough financial wellness technology designed to help all Americans secure their financial futures and protect the ones they love. Whether you’re starting your career, preparing to retire or somewhere in between, MapMyFinances can help you make the best choices about saving for retirement, protecting your family and securing your financial future. Later this year, MassMutual will be announcing the availability of additional financial benefits and services through MapMyFinances to help workers solve other pressing financial needs such as debt management, medical and emergency savings, tuition reimbursement and budgeting. We will continue to enhance the MapMyFinances tool as well as our offerings to help more Americans achieve financial security.” – Head of Investment Solutions Innovation, MassMutual, Tina Wilson.