Estimating retirement income needs can be a daunting process, which requires evaluating and projecting multiple factors. According to a study by the Employee Benefit Research Institute (EBRI), less than half of participants have even attempted this process. In response, Nationwide is offering a Retirement Readiness Report.
The tool aims to provide participants with a total picture of their retirement outlook by gathering data as to their potential Social Security and pension benefits, as well as spousal assets and other external retirement savings. After answering a few questions, participants will be provided with a look at potential income gaps along with suggested solutions such as increasing contributions, reviewing investment options or speaking with a financial professional.
“Nationwide understands the retirement challenges America’s workers face, and has the expertise and experience to help them address those challenges,” says Eric Stevenson, senior vice president of retirement plan sales for the company. “This report, along with the educational services Nationwide provides to participants, helps simplify the retirement income picture so participants can quickly see and understand their unique situation.”
Nationwide notes that the report utilizes a fully responsive mobile design, making it accessible through various devices.
Later this summer, the company will begin offering additional plan-level reports to plan sponsors and advisers to help them better measure the retirement readiness of the participants they work with.
Stevenson added, “Nationwide has a long history of supporting its plan sponsor and adviser clients with the tools, resources and digital capabilities they need to help participants prepare for and live in retirement. The Retirement Readiness Report is another example of our commitment to improving the retirement planning process through customized support.”