ING U.S. announced on Thursday that it has launched a Web-based benchmarking tools to help consumers score their retirement preparedness. ING My Savings Score uses consumers’ age, annual salary and current retirement savings to determine the score, which is their savings as a multiple of their annual income.
The tool also gives a target score as a reference point for how much they should have saved so far.
“Many people today realize they should be doing more to prepare for their retirement,” Maliz Beams, CEO of ING U.S. Retirement Solutions, said in a statement. “At the same time, they’re feeling overwhelmed, lacking confidence and looking for help. This includes help from simple, self-service tools and resources that can get them started.”