The index’s current reading shows that 44% of households are at risk of being unable to maintain their current standard of living in retirement, and the number climbs to 64% when healthcare and long-term care are factored in. The index is scheduled to be updated by the end of the month.
“During the past four years, we’ve explored a variety of issues, including the cost of healthcare and long-term care, to try and generate a comprehensive picture of America’s retirement preparedness,” said Alicia H. Munnell, director of the center. “We are excited to continue this important work as millions of Baby Boomers see their own retirement quickly approaching on the horizon.”
The retirement center also helped Nationwide develop its RetirAbility Check that people can use to figure out their “R score.” It is also a good way for advisers to begin a dialogue with clients, Nationwide said.
“As the country struggles to recover from a year of unprecedented economic turmoil, it’s important for people to have a game plan for retirement,” said Brad Davis, vice president of retirement income solutions at Nationwide. “Our partnership with the center helps us provide people with a fun and engaging online experience to help them assess their financial situation.”
