John Hancock expands financial wellness offering

John Hancock is helping retirement plan participants work toward retirement readiness with two new tools – emergency savings accounts and comprehensive college planning tools.

“If people are able to manage and prioritize their day-to-day expenses, they are also better able to allocate money toward their retirement savings. We purposely offer a robust financial wellness program at John Hancock, because if we can help build participants’ savvy and confidence, we are in a much better place to help build a successful retirement savings strategy.” – Patrick Murphy, CEO, John Hancock Retirement.

Now, participants can create an emergency savings account. Once a savings goal is entered, the participant links their checking account and sets up weekly recurring deposits. Participants can track progress toward the savings goal and are able to withdraw funds at any time with no fees.

In addition, participants also have access to an Education Planning Center to estimate the costs of higher education and help define funding gaps in current savings strategies.

“Everyone’s journey to retirement readiness is different. By offering resources that are easy to access and use, we’re making it easier for our participants to make well-informed decisions, manage multiple priorities and take action in their financial lives. And that sets them up to build and meet long-term retirement readiness goals.” – Sosseh Malkhassian, head of participant experience, John Hancock Retirement.