In response to the growing need for a different kind of retirement-preparedness resource, Nationwide Financial Services, Inc., launched RetirAbility Check, available at www.nationwide.com. The site offers customized financial resources that enable users to generate a single number--their R-Score--that measures their 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," says Keith Millner, senior vice president of Nationwide Financial's In-Retirement business unit. "With RetirAbility Check, Nationwide created a new definition of retirement tool. Each step has been planned to keep the user engaged."
RetirAbility Check helps consumers evaluate their retirement readiness against that of their peers. The peer-level comparison data is derived from the National Retirement Risk Index, research conducted by the Center for Retirement Research at Boston College, and funded by a grant from Nationwide. The index revealed 43 percent of Americans are at risk of being financially unprepared for retirement.
Users fill out basic demographic and financial information and then are introduced to their RetirAbility Check peer guide, similar in age and gender, who helps them through the process, keeps it lighthearted, and provides commentary on their answers. As users move through the questions, they receive factoids and tips about how to improve their score.
Once information gathering and assessment are complete, the peer guide reveals the user's R-Score. The score represents how prepared users are to meet their retirement needs. 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. 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 with others. At this point, the user receives personalized suggestions for score improvement.
