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Smartphone applications may help plan for retirement

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Putnam Investments in Boston recently launched an iPhone app for 401(k) participants that will allow users to scan bar codes while they are shopping and compare differently priced items. Once they scan the price of the item, such as an HDTV, the app will then combine the prices with the individual’s retirement account, the Associated Press reports.

This program will then figure out how a retirement account will be affected by certain shopping choices. If an individual chooses a cheaper option of whatever it is they are shopping for, the program can take that savings a figure out what would happen if it was invested into the 401(k).

"It does a very nice job of showing people that if they defer making a purchase, the dollar amount can translate into a much bigger dollar amount down the road," says Jim O'Shaughnessy, managing partner of Sheridan Road Financial, told USA Today.

Allowing people to constantly think about retirement savings and investment options such as annuities can help people make better long-term decisions.
 

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