This year, Putnam Investments, which will soon become the second-biggest administrator of 401(k) plans, took a step toward giving customers a kick in the pants re savings.

A central feature of its online retirement account statements is a new tool that allows users to see exactly how their savings rank against other Putnam account holders who are similar in age, income and gender. Then, using projections, it models how their numbers would change if they set more money aside from their paycheck — and allows them to make the change in a few clicks. Putnam refers to it as its “Joneses Tool,” as in “Keeping up with.”

via For Retirement, Online Tools Can Encourage Greater Saving – NYTimes.com.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.