Workers can text to save for retirement

Principal Financial Group has introduced a new quick enrollment method that lets American employees to sign up and save for retirement in their DC plan by sending a text message.

“We know people have good intentions, but while many eligible employees say they are going to take action, many of those same employees don’t,” says Jerry Patterson, senior vice-president of retirement income strategy at The Principal. “By making the process quick and convenient, we’re able to battle inertia and get individuals to start saving right away.”

The quick enrollment process allows employees to send a text message or access the mobile-friendly website to enrol in their employer’s retirement plan.

Once individuals have chosen their contribution amount by text message or the quick enrollment website, new participants can then make their investment choices online or by phone. This can be done at the same time or at a time convenient for the individual.

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