EBRI Rolls Out Free Retirement Savings App
by Terri Eyden on
While thousands of smartphone apps have been developed to help people spend money, a new one has been developed to help Americans save: The Ballpark E$timate® iPhone app.
Available online, the Ballpark E$timate has long helped millions of Americans quickly identify approximately how much they need to save to fund a comfortable retirement. Provided by the Choose to Save® financial education program, the Ballpark E$timate takes complicated issues, such as projected Social Security benefits and earnings assumptions on savings, and turns them into language and mathematics that are easy to understand.
The site, created by researchers at the nonpartisan, nonprofit Employee Benefit Research Institute (EBRI), also includes a Spanish-language version of Ballpark as well as interactive and non-interactive versions. The new EBRI Ballpark E$timate app, developed by Matrix Group International, Inc., and the research team at EBRI, is now available for iPhones and iPads, through the Apple app store on iTunes.
Release of the new retirement savings app stems from findings by the 2012 Retirement Confidence Survey by EBRI and Mathew Greenwald & Associates, Inc., that the use of technology, such as smartphones and tablet computers, is far more prevalent among younger workers than older workers, and that the use of mobile devices to help manage finances is still relatively rare. The new savings app is designed to expand the benefits of the free planning software to a younger audience.
"With a new generation of tools like the free Ballpark E$timate app, a whole new generation of savers should be able to get an earlier start on savings," said Nevin Adams, director of the American Savings Education Council. "This is a way to make it easier to save money, not just spend it."
Adams notes that while retirement isn't top of mind for many younger individuals, the array of free financial planning tools provided by Choose to Save are designed to help people of all ages prepare for life's financial needs. The new app makes the frequently complex topic of saving toward longer-term goals easier to understand - and easier to share - by illustrating the impact of key savings concepts like inflation, investment returns, and the time value of money as well as the contribution of programs such as 401(k)s and Social Security.
Source: September 10, 2012, EBRI press release
You may like these other stories...
In the old days, we used to tape down receipts from our travels and submit them to accounts payable. But that was before remote employees who may live in a different city from the home office. And of course, there's all...
In 2011, electrical services and technology provider Parsons Electric in Minneapolis, Minn., decided to take its accounting to the cloud. Monica Ross, the company's director of strategic projects, talked with AWEB about...
Event Date: July 24, 2014, 2 pm ET In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the...
Upcoming CPE Webinars
Hand off work to others with finesse and success. Kristen Rampe, CPA will share how to ensure delegated work is properly handled from start to finish in this content-rich one hour webinar.
FRF for SMEs Series--Statement of Cash Flows, Subsequent Events, Related Party Issues, Accounting for Investments including Consolidations, Part 4A
This webcast will cover the preparation of the statement of cash flows and focus on accounting and disclosure policies for other important issues described below.
We can’t deny a great divide exists between the expectations and workplace needs of Baby Boomers and Millennials. To create thriving organizational performance, we need to shift the way in which we groom future leaders.
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.