In honor of America Saves Week, Feb. 25-March 2, ING U.S. has launched a new personalized savings benchmarking tool called ING My Savings Score.
The tool allows users to score their personal retirement preparedness by comparing their savings to a prescriptive target, based on age and annual income.
After entering their age, income and retirement savings information, they are shown a personalized savings score that reflects the amount of their retirement savings as a multiple of their annual income. It also gives users a side-by-side comparison to a benchmark that suggests how much they should estimate having saved for retirement today.
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While not a replacement for financial or retirement planning advice, 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 jumpstart the process to better retirement readiness."
ING U.S. launched the ING My Savings Score tool in conjunction with America Saves Week, which promotes good savings behavior and reminds individuals about the importance of regularly assessing their saving status.
ING U.S. constitutes the U.S.-based retirement, investment and insurance businesses of Netherlands-based ING Groep N.V.
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