New ING U.S. Financial Benchmarking Tool Lets Users 'Score' their Retirement
Online resource promotes education, awareness and the importance of retirement
readiness; Supports broader goals of America Saves Week 2013
WINDSOR, Conn., Feb. 22, 2013
WINDSOR, Conn., Feb. 22, 2013 /PRNewswire/ --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
^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.
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.
SOURCE ING U.S.
Contact: Emily Dawe , ING U.S. , +1-860-580-1750, office, +1-203-589-7688,
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