BlackRock Inc. and Microsoft Corp. said they are "jointly exploring next-generation solutions to help more people make better decisions as they work toward their financial goals in retirement," according to a news release from both companies.
The news release didn't provide details on what the companies will be doing or a timetable for their efforts.
"Technology is already revolutionizing entire industries and the way people interact with everything from health care to education and transportation," said the news release issued last week. "And yet, retirement solutions of today have been slow to keep pace."
The companies are seeking "a new platform that helps people develop better saving and investing habits through more regular engagement with their retirement assets," the news release said. "This engagement will give people a clearer picture of how their contributions today will translate to their long-term retirement income."
BlackRock will offer this platform for "investment products that it will design and manage," the news release said.