New ING U.S. Financial Benchmarking Tool Lets Users 'Score' their Retirement Savings
ING U.S. has expanded its suite of innovative retirement saving, planning and education resources with a new web-based financial benchmarking tool, ING My Savings Score. The easy-to-use self-service tool, available to the public at INGMySavingsScore.com, allows users to “score” their personal retirement preparedness by comparing their current savings to a prescriptive target, based on age and annual income.
After entering their age, income and retirement savings information, individuals are shown a personalized savings score that reflects the amount of their retirement savings as a multiple of their annual income. ING My Savings Score also gives users a side-by-side comparison to a benchmark that suggests how much they should estimate having saved for retirement today. This benchmark, or target score, is calculated from a table of aged-based savings factors using certain assumptions.1
As with many of its self-service tools and resources, ING My Savings Score is another thought-provoking way ING U.S. is raising awareness about the need to save for retirement. While not a replacement for financial or retirement planning advice, this this tool can serve as a starting point for a conversation with a financial professional. After receiving their score and some basic tips, the ING My Savings Score site lets individuals connect to more information and planning tools from ING U.S. if they are interested.
“Many people today realize they should be doing more to prepare for their retirement. 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,” said Maliz Beams, CEO of ING U.S. Retirement Solutions. “ING U.S. is committed to investing in resources, like ING My Savings Score, that can get people thinking about their savings needs and jump start the process to better retirement readiness.”
ING U.S. launched the ING My Savings Score tool in conjunction with America Saves Week, which takes place February 25 – March 2. This annual initiative promotes good savings behavior and reminds individuals about the importance of regularly assessing their saving status. As a leading retirement company and avid supporter of America Saves Week, ING U.S. believes this message is especially important when it comes to advancing the state of retirement readiness in our country.
ING U.S. has also incorporated the ING My Savings Score tool into an education and awareness program for America Saves Week that extends to its more than 49,000 workplace retirement plan sponsors, 5.3 million customers, and the many financial professionals that serve them. The program provides a broad selection of print and electronic materials that employers and financial professionals can use to help educate employees about the importance of saving for the long-term.
ING My Savings Score complements another web-based resource, the ING State of Savings interactive map, available at INGStateofSavings.com, which ING U.S. recently launched. This map provides a state-by-state scan and ranking of how Americans say they are saving across the country. The broader perspective provided by ING State of Savings and the personalized perspective offered by ING My Savings Score represent two approaches that, together, can inform, engage and inspire individuals to make positive changes now so they can work towards enjoying a comfortable retirement down the road.
As an industry leader and advocate for retirement education and saving, ING U.S. is committed to the mission of making a secure financial future possible—one person, one family, one institution at a time. For more information on these or other ING U.S. financial awareness tools, visit http://ing.us/individuals/retirement.
1 Savings factors are based on retirement at age 67 with pre-tax savings to provide income for 23 years at a 50% wage replacement rate; current income with a 3% annual increase; 26 pay periods per year with a 10% contribution to a tax-deferred retirement account each pay period; an annual inflation rate of 3% both pre- and post-retirement; and a hypothetical investment rate of return of 6% pre-retirement and 4% in retirement. The savings factor does not include any amounts individuals may be eligible for from Social Security or other retirement benefits.
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About ING U.S.
ING U.S. constitutes the U.S.-based retirement, investment and insurance businesses of Netherlands-based ING Groep N.V. (NYSE: ING). Through the ING U.S. family of companies, we serve the financial needs of approximately 13 million individual and institutional customers with a comprehensive array of products and services, including retirement plans, IRA rollovers and transfers, stable value, institutional investment management, mutual funds, alternative investments, life insurance, employee benefits, fixed and indexed annuities and financial planning. Our dedicated workforce of more than 7,000 employees is focused on ING U.S.’s mission to make a secure financial future possible—one person, one family and one institution at a time. For more information, visit http://ing.us.