Starting with current income, this score is an evolving target that adjusts as income changes throughout a lifetime, allowing people to improve their numbers incrementally as they save, and measure how they stack up relative to their peers and overall savings goals, Lincoln noted in a press release. The 10X score can help people gain perspective on the need for retirement planning, the company said.
Based on the insights of the savings profiles and behaviors of almost 1,200 retirees who achieved various levels of savings in preparing for retirement, the study found those who were most successful got advice from a financial professional; participated in an employer-sponsored retirement plan or IRA; saved steadily, and made extra contributions in “power-saving” years; and had an investment strategy.
Retirees who reached the 10X goal didn’t rely on receiving an inheritance, selling a primary home or making money through real estate, or selling a business or shares in a former employer’s company stock.More information is at http://www.myconfidentfuture.com/retirementpower.
« Mobile Workers Sleep with Smartphones