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Nationwide’s RetirAbility Check Tool Review
Posted By Jim On 10/25/2006 @ 8:00 am In Personal Finance,Retirement | 1 Comment
Nationwide, a recent supporter of Blueprint, has produced a tool, with the help from the Center for Retirement Research at Boston College, that will ask you a few questions and produce a “RetirAbility Score.” Your RetirAbility score will give you an idea of where you stand from a retirement perspective and it may be a reality check (see the play on words?) if you’re woefully behind on your retirement savings.
So, my thoughts on the tool…
Anyway, so when you start the tool you’ll be queried for basic personal information. After you enter in your basic personal information, you’ll begin entering in information about your financial situation. The five categories are retirement plans (401k, 457, 403b, etc.), assets & debt, Social Security, Housing, and Pension. Most have fewer than five questions and after you answer the questions you will get those informational sections and videos that I thought were helpful.
My R-Score? 155 (with a fictitious $200k in the bank! Everything else was real information) Anyway, how do the scores work? If you score between 0 and 55, you’re in Deep Trouble! Between 55 and 70, you’re categorized as Slow Start. Scoring between 70 and 85 puts you in the On The Way category. 85 to 100 is Almost There and 100+ as a High Achiever. I wish I had $200k in the bank.
Following the end of the scoring, there is an Improve Your Score button that will give you some ideas of how you can improve your retirement situation. I would be really interested to see what other people found when they used the tool, especially if you’re over 35.
Overall, my feelings on the tool are mixed (because it has value for someone who is older but behind on retirement, it’s just not useful for me or anyoen under 35 really) but I think this has value for folks who are closer to retirement but perhaps haven’t really given it much though. By using the tool you can learn whether you’re ahead of schedule or dangerously behind schedule and what you can do to improve it. They say in the tool that this is a reality check for folks who are close to retirement and I think that has value – unfortunately I’m not in that age range.
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