Retirement and investment firm ING has announced the launch of its new online retirement tool My Savings Score, a personalized savings benchmarking tool that lets users score their retirement preparedness. The tool allows users to compare their personal savings with that of a recommended target based on age and annual income. The savings score represents the amount of their retirement savings as a multiple of their annual income and can be compared to a benchmark in order to better estimate how much accrued savings an individual should have at present.
My Savings Score uses a user’s score to offer basic tips on retirement savings and lets individuals find additional information and planning tools offered by ING. The tool was launched during the America Saves Week in order to help promote good savings behavior and an understanding of the importance of regular financial assessments.
“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.”