(Bloomberg) — It’s ”the first Apple Watch app for retirement planning.” That’s how Empower Retirement, the financial services company that administers 401(k) savings plans for more than 8.1 million participants in the U.S. , is billing it.
A number of savings apps for the Apple Watch might take issue with that claim. So might TIAA, which rolled out a retirement app for its plan participants this May. But Empower and TIAA do seem to have the first Apple Watch apps tied to retirement savings plans overseen by major workplace plan providers.
The bigger issue: Do people saving for retirement really need to “track up-to-the-minute plan information that’s even closer than their fingertips?” Aren’t their fingertips close enough? Plan investments, after all, are priced at the end of the day, and few of us will want to research plan guidelines for 401(k) loans on our Apple Watches.
Right now, the app is more about encouraging people to track progress toward goals and increasing savings rates, said Empower President (and Apple Watch wearer) Edmund Murphy.