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December 10, 2008 at 07:00 PM
Nationwide Financial Services, Inc., Columbus, Ohio, has updated RetirAbility CheckSM to account for the rising cost of health care, and help consumers better prepare for retirement.
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% 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% – 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.
The RetirAbility Check, an 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,” said Brad Davis, vice president of marketing, Individual Investments Group at Nationwide Financial. “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% of what they need financially in retirement. A score of 100 is the goal.
