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Retirement News
New Free Online Retirement Calculator Gives Users an
R-Score
Interactive site for
those turning to
Web for retirement planning
 October 30, 2006 A nagging question that hits
most Americans, often too late, is how much money do we need for
retirement. There is now a new source on the Web to measure retirement
readiness. Nationwide Financial Services, Inc. has announced the launch
of RetirAbility Check. It is a free, innovative and customized
financial resource that enables users to generate a single number
their R-Score, similar to a credit score.
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"RetirAbility Check redefines what the traditional
'retirement tool' looks like," says Keith Millner, Senior Vice-President
for In-Retirement at Nationwide Financial Services. "It is a
comprehensive interactive resource.
He adds, "Anyone who visits will see it is unlike
anything existing online today. RetirAbility Check was specifically
designed to provide consumers an engaging online experience through
personalization and entertainment.
"Most importantly, it is completely free, does not
require registration, and only takes about eight minutes to complete.
"Also, it accomplishes two firsts - the first
online resource to be based on the National Retirement Risk Index and
the first to provide one number, similar to a credit score, that
indicates retirement readiness."
Recent Nationwide research shows nearly half of
Americans go online to search for financial planning resources and
information, yet many (44 percent) believe financial service providers
are missing the mark on ease of use and content.
Our research indicates Americans want to be
engaged beyond just data, statistics and online questionnaires, said
Millner.
RetirAbility Check, says Millner, is based on solid
research and is the first retirement preparedness resource that helps
consumers evaluate their retirement readiness against that of their
peers. The peer-level comparison data is derived from the National
Retirement Risk Index, exceptional research conducted by the Center for
Retirement Research at Boston College and funded by a grant from
Nationwide. The Index revealed a disturbing fact - 43 percent of
Americans are at risk of being financially unprepared for retirement.
The Index discovered that Americans need more
sources of guaranteed lifelong income, smarter investment strategies and
increased savings. Nationwide sought to translate all of this
intelligent research into a consumer-friendly format. RetirAbility
CheckSM is a unique combination of strategic, independent research and
creative, fresh thinking. The result is a fun experience that allows
users to evaluate their financial risk profile in the context of their
peers, said Millner.
Users are introduced to RetirAbility Check by an
engaging host, who challenges them to find out how prepared for
retirement they are in the amount of time it takes to make a box of
macaroni and cheese. Users fill out basic demographic and financial
information.
Users are then introduced to their RetirAbility
Check guide, similar in age and gender, who guides them through the
process, keeps it light-hearted and provides no-holds-barred commentary
on their answers. The guides interact with users in surprising and
sometimes quite comical ways from playing the air guitar to acting out
animal sounds, it all depends on who is answering the questions, and
how! As users move through the questions, they receive factoids and tips
about how to improve their score, all while being teased and cajoled by
their online guide.
Once information-gathering and assessment are
complete, the peer guide reveals the users R-Score. The score
represents how prepared users are to meet their retirement needs. In
other words, a score of 56 means they are on track to have 56 percent of
what they need to maintain their current standard of living if they
retire at age 65.
|
National Retirement
Risk Index |
|
Income group |
All |
Early
Boomers
1946-1954 |
Late
Boomers
1955-1964 |
Generation
Xers
1965-1972 |
|
All |
43% |
35% |
44% |
49% |
|
Top third |
36% |
33% |
35% |
42% |
|
Middle third |
40% |
28% |
44% |
46% |
|
Bottom third |
53% |
45% |
54% |
60% |
|
Developed by the Center for Retirement Research at Boston
College -
Click Here |
Users will receive a description of the score and
be presented feedback on the number; peer and national averages appear
here as well, giving the user information about how his or her score
compares to others. At this point, the user receives personalized
suggestions for score improvement.
RetirAbility Check and the Index are based
on data from the Federal Reserve Board's Survey of Consumer Finances,
which is a comprehensive measure of household finances that includes
Social Security, employer-sponsored pensions, non-pension financial
assets and housing. The Index bundled together complex pieces of the
retirement puzzle to come up with a collective measurement of our
retirement readiness as a nation.
>>
Click here to visit RetirAbility Check.
Editor's Notes:
About Nationwide Financial
Nationwide Financial Services, Inc. (NYSE: NFS),
a publicly traded company based in Columbus, Ohio, provides a variety of
financial services that help consumers invest1 and protect their
long-term assets, and offers retirement plans and services through both
public- and private-sector employers. Its part of the Nationwide group
of companies, which offers diversified insurance and financial services.
The group is led by Nationwide Mutual Insurance Company, which is ranked
No. 98 on the Fortune 100 based on 2005 revenue2. For more information,
visit
www.nationwide.com.
About The National Retirement Risk Index
The National Retirement Risk Index, developed by
the Center for Retirement Research at Boston College, is based on data
from the Federal Reserve Boards Survey of Consumer Finances. The Index
is a comprehensive measure of household finances that includes Social
Security, employer-sponsored pensions, non-pension financial assets, and
housing. The Index was funded by a grant from Nationwide Mutual
Insurance Company.
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