Retirement Calculators
Helping people understand retirement savings
RetireSmart is MassMutual’s retirement savings participant portal. It offers retirement planning tools to help participants compare plan options, determine contributions, and project retirement income. In mid 2017 we began an initiative aiming to respond to participants’ common questions.
I am the product lead on all MassMutual calculator initiatives. I planned the phrased approach, aligned internal teams, defined user needs, designed the interactions, and collaborated with the data science team to model the algorithms. I also covered for Project Management while a team member was in transition.
The first product launched in May 2018.
Project
Insight
After combining the information through content audit, survey results, and data analytics, we are able to identify areas to address:
Selected Solution (1 of 2)
Help people determine how much to contribute to their retirement plan
All the existing tools focused exclusively either on budgeting or projections. I wanted to create a tool that calculates the contribution percentage recommendation based on the user's expenses. The idea was simple: users tell the tool how much they earn and spend, then the tool shows how much they have left and what that equates to as a contribution percentage, considering taxes and deductions.
I developed an initial model with input values, assumptions, and outputs, then I worked with the data science team to create an algorithm. Later, a detailed UX was defined and we ran user testing.
Define algorithm
I started with this sheet to draft the input /output fields to kick off the algorithm creation.
Concept
Design Features
It uses the site-wide pattern of a natural language form to capture inputs.
It includes a simple budgeting tool for calculating expenses and deductions.
It calculates contribution percentages that are viable given disposable income—no more guessing games. It also considers employer matching and contribution limits so that the user won't under- or over-allocate.
Impact
The calculator has 4.3X traffic more than the previous one with similar topics.
Released on time to sunset the 3rd party tool.
Selected Solution (2 of 2)
Help people compare plan options
Many employer plans offer Traditional and Roth options, but participants often do not fully understand the difference. I started with the quest of empowering users with literacy. This challenge led to the design of an interactive quiz combined with a calculator to help users compare the differences.
Concept
Impact
Cost Savings – Solution replaced a fractured 3rd party toolset with a streamlined set of relevant content.
Enhance UX – Taking steps towards a cohesive experience that flows seamlessly for everyone from prospects to active participants.
Drive Enrollment – Engaging and encouraging consumers to learn, plan and act to meet their current and future financial needs.