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Before the recent economic crisis hit Americans, the National
Retirement Risk Index released by the Center for Retirement Research at
Boston College (CRR) last February estimated that nearly 61 percent of
working Americans may not be financially prepared to retire at age 65.
The rising cost of health care was one factor to blame.
The 17-point increase in the National Retirement Risk Index (NRRI) from
the previous Index number of 44 percent – released in January 2007 –
demonstrated how the surging cost of health care was significantly
affecting retirement savings. But, as the nation’s economy continues to
struggle, many Americans are beginning to cut back on their long-term
financial plans due to rising costs of everyday necessities.
“Today’s economic environment plays a large factor in what steps people
are taking to safeguard their future financial security,” said Brad
Davis, vice president of marketing, Individual Investments Group at
Nationwide Financial. “There is an even greater feeling of insecurity
and vulnerability, especially during these demanding economic times.
With more and more companies ceasing defined benefit plans and with
mounting concerns about Social Security, some sources of expected
post-retirement income may not be available to Americans. So, they need
to take a more active and responsible role to secure their safe
retirement.”
Education and online resources may help consumers plan for retirement
and health care costs
To help consumers better prepare for retirement, Nationwide Financial
Services, Inc. (NYSE: NFS) updated RetirAbility CheckSM
to account for the rising cost of health care. This informative,
interactive online experience aligns with the new NRRI data, which only
Nationwide has exclusive access to because of its support of the
retirement research being done by the CRR. Since its founding in 1998,
the CRR is considered by many as an authoritative source of information
and perspective on all major aspects of the retirement discussion.
“This latest update to RetirAbility Check is
important because the rising cost of health care affects every retiree
at some point in their lives,” Davis said. “Our free online site gives
consumers an even more accurate picture of the impact of these rising
costs, and enables them to consider this information as they prepare for
retirement.
“Many in America have to rethink how they are going to make it to
retirement, not just what to plan for when they finally do retire,”
Davis said. “The Index also shows that the risk will rise for younger
workers and low-income households. The Index number could be
considerably higher once long-term care costs are taken into account,
and if households do not plan judiciously. There are more reasons today
to educate ourselves, and consider working with a financial professional
on a plan that’s right for every individual’s circumstances.”
What is RetirAbility Check?
RetirAbility Check (www.nationwide.com/rscore/nrri1208)
is an online, interactive resource that provides consumers with a basic
retirement readiness score – called an R-ScoreSM – to
illustrate how financially prepared they are for retirement. For
example, if a person’s R-Score is 56, he or she is on track to
have 56 percent of what they need financially in retirement. A score of
100 is the goal.
First introduced in late 2006, RetirAbility Check
uses NRRI data to determine the R-Score. In addition to updating
the online site to account for rising costs of health care, additional
changes were made, including updates to the user interface and the
creation of an express mode to expedite the process for returning users.
“Nationwide translates the Index findings and implications into a
consumer-friendly format that goes beyond the numbers to keep consumers
engaged. RetirAbility Check takes the national
index of retirement readiness to a personal level,” Davis said.
How RetirAbility Check works
To start, consumers input basic information such as birth year, earnings
and any current retirement plan balances. During the process, an
on-screen peer – similar in age and gender – guides the user and
provides information, tips and facts along the way.
Once complete, the information provided is analyzed using assumptions
and patterns of behavior identified by Boston College — including cost
of living and medical expenses in retirement — and gives users their R-Score.
After getting their R-Score, users can learn about ways to
improve their score, as well as access additional educational resources,
tips and calculators geared to help them better prepare for retirement.
The site also provides information about how an investment professional
could help with retirement planning.
To get your own R-Score, visit www.nationwide.com/rscore/nrri1208.
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.
It’s 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. 108 on the Fortune 500 based
on 2007 revenue.2 For more information, visit www.nationwide.com.
RetirAbility Check is provided for educational purposes only and is
not intended as advice. All investing involves market risk, including
the possible loss of principle. Neither Nationwide nor any of its
representatives give legal or tax advice. Please consult with your legal
or tax advisor for such guidance. Nationwide, Nationwide Financial, the
Nationwide framemark and On Your Side are federally registered service
marks of Nationwide Mutual Insurance Company. RetirAbility Check and
R-Score are service marks of Nationwide Mutual Insurance Company.
1 Nationwide Investment Services Corporation, member FINRA.
In MI only: Nationwide Investment Svcs. Corporation.
2 Fortune Magazine, April 2007
Savings Tips for Consumers
Reduce debt. According to the Federal Reserve, consumer debt is more
than $2 trillion. And according to the Fed’s 2004 Survey of Consumer
Finances, the average American was carrying more than $2,000 in credit
card debt alone. Try to pay off your credit cards as quickly as
possible, and don’t just pay the monthly minimum. Shop around for
cards with better rates.
Control unnecessary spending. Sure that non-fat, decaf,
mocha-grande-whatever tastes good but at $4 a pop, it adds up. If you
bought one per day, that’s $1,460 annually. And that’s just for coffee
purchases. Think about the things you buy that you can cut back on.
Put that money to work for you
instead.
Have a 401(k) or similar savings program? Great! Are you withholding
the bare minimum or are you “maxing” out your withholding? Consult
with your plan provider to see how you might do better, what options
are available and so on.
Use online resources to help evaluate your personal financial
situation. Nationwide’s RetirAbility CheckSM
(www.nationwide.com/rscore/nrri1208)
lets users plug in basic financial and demographic information, and
returns an R-ScoreSM, which is a number that tells
them if they’re on track to maintain their standard of living in
retirement. This engaging resource also offers personalized
suggestions and tips for R-Score improvement. The R-Score
is calculated using data from the National Retirement Risk Index and
other metrics.
Start the conversation about future medical costs with your doctor,
your family, your investment professional and your employer. Find more
information in the “Health Care” section on the Improve Your R-Score
screen of RetirAbility Check.
Seek professional help. Consider working with a licensed, qualified
investment professional whose business and personal styles suit your
needs.
Start today!