Imagine this: you're in the market for an HDTV. Your local electronics store has one on sale for $1,738, and you think that's a pretty good deal.
But what if you were to invest that into your 401(k)? How much additional income would you have per month towards your retirement?
A new iPhone app from Putnam Investments called PriceCheck&Save shares this information, and much more, with users. In the scenario mentioned above, Putnam showed that a user might receive $11,000 more, or $44.18 per month. The exact amount is based on how far away the user is from retirement.
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The app also helps users search for better deals at competing stores. For example, it might show that a similar television is selling nearby for $1,299. Taking the retirement concept even further, the app shows users how much additional retirement income can be earned by investing the $439 price difference into their 401(k). It even gives users an option to deduct that amount from their next paycheck and invest it, all from their phone.
Currently, the app is only available for users with Putnam accounts, but the company is working to generalize the app so that it works for all users.
A video explaining the app can be seen here.
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