Many people put off saving for retirement because old age seems far away. A new mobile application by Bank of America (BAC) aims to give procrastinators a sense of urgency by bringing them face-to-face with their wrinkled future selves.
The Face Retirement app uses 3-D imaging technology to show customers what they will look like decades down the line, according to the company's Wednesday press release. Users snap a selfie with their smartphone camera and upload it to the app along with information about their age and gender. Then they watch themselves lose the bloom of youth.
"It's an eye-opening experience to see what you may look like 40 years in the future,"Alok Prasad, head of Bank of America's investment service subsidiary Merrill Edge, said in the release. "Stanford University research and the experience of thousands of Merrill Edge customers show that people brave enough to look into the crystal ball are much more likely to take control of their retirement planning. It's a vivid reminder that everything you do today impacts your future."
The app includes a number of other interactive features that attempt to drive home the necessity of retirement planning. Users can look up projected cost-of-living increases for themselves at any age and learn more about various saving and investment options. Those with an admirable lack of vanity can also share pictures of their senior selves on Facebook and Twitter, according to the release.
Bank of America launched the original web-based Face Retirement tool in 2012. Over one million users have since used the tool, according to the release.