ING U.S. has expanded its suite of retirement resources with a web-based benchmarking tool, ING My Savings Score. The self-service tool is now live online and allows users to score their personal retirement preparedness by comparing their current savings to a prescriptive target, based on age and annual income.
ING says that, after entering an age, income and additional retirement savings information, individuals are shown personalized scores that reflect the amount of their retirement savings as a multiple of their annual income. 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. According to ING, the tool serves as a starting point for a conversation with a financial professional; individuals are given the opportunity to connect to more information and planning tools on the site, if interested, after receiving their scores and some basic tips.
ING U.S. launched the My Savings Score tool in conjunction with America Saves Week, Feb. 25 to March 2, which makes available a broad selection of print and electronic materials that emphasize the importance of saving. My Savings Score also complements the State of Savings interactive map, which provides a state-by-state scan and ranking of how Americans say they are saving.