Springfield firm pitches new social media app to save for retirement

A downtown Springfield financial firm recently announced the launch of a new social media platform the company says will also allow users to save money for retirement.

Megga Inc., a subsidiary of HUTN Inc., recently announced it will launch a social media platform called Meggalife that awards points to users as they use its apps for tasks like searching the Internet, listening to music or sharing messages.

HUTN INC. has undergone several name changes since its incorporation in Colorado in 2007, according to its most recent quarterly report filed with the OTC Markets. The firm was known as EFH Group Inc. in 2014, but was changed to EF Hutton America Inc. in April 2015. The name was changed again to HUTN INC. in October, the quarterly reported filed on Nov. 15 with OTC Markets showed.

Megga Inc. will generate advertising revenue and deposit a portion into a trust overseen by independent third-party trustees, based on the number of points users accrue. Meggalife users will be able to redeem those points at the age of 68 to provide additional funds for their retirement, according to a news release.

Nearly half of working-age families in the U.S. have nothing saved in retirement accounts and the median working-age family had only $5,000 saved in 2013, according to a 2016 report by the Economic Policy Institute, a nonprofit based in Washington D.C.

“We believe that this model is compelling to users who have typically received no financial gain, despite their devoting hundreds of hours, on average, per year to internet activities,” HUTN INC.’s quarterly report says. The quarterly report likened the business model to a frequent flier program for financial security.

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