Putnam Investments has created an application for the iPhone that permits shoppers to find comparable prices to goods at other stores, see the price differential—and immediately direct that savings to their 401(k). The Putnam PriceCheck & Save iPhone app is available to participants in the 401(k) plans it manages.
Here’s how it works. Participants can scan the bar code of most sales items on their iPhone, comparison shop across other retailers to seek a lower cost and see the cost savings. The application then shows participants how much that cost savings could mean in potential monthly income in retirement, and gives them the ability to direct that money to their 401(k) account.