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"We have created an interactive resource that allows any individual to gauge his or her retirement readiness," said Keith Millner, senior vice president of Nationwide Financial's In-Retirement business unit. Nationwide Investment Services Corporation is a member of NASD.
"After entering basic financial and demographic information, users get a number that tells them if they're on track to maintain their standard of living in retirement. RetirAbility CheckSM is an experience that is educational, entertaining...and a bit different."
RetirAbility CheckSM also offers personalized suggestions and tips for R-ScoreSM improvement. Millner said Americans, regardless of where they are in their retirement planning, should keep the following tips in mind:
• HIRE A PROFESSIONAL -Consider engaging a competent, qualified investment professional whose business and personal styles suit your needs.
• TAKE CHARGE-Don't leave your financial future to Uncle Sam-or chance. Prepare for your own needs through a 401(k) or IRA.
• CUT THE PLASTIC HABIT -You may be shocked at the REAL cost of that lunch you charged last week.
• PAY YOURSELF FIRST- Don't wait until you have extra money to put into savings.
• REVIEW YOUR SAVINGS PLANS-Mark your calendar to review your fund choices at least once a year.
• INCREASE YOUR 401(k) CONTRIBUTION-It's tax deferred so it may be cheaper than you think. If you increase each time you get a raise, you won't even miss the money.
• GET FREE MONEY-If your employer offers a 401(k) match, ask how to get the maximum. Bear in mind that the employer match may be subject to a vesting schedule. All withdrawals are taxed as ordinary income and if taken prior to age 591/2 may be subject to a 10 percent penalty.
Obtain and improve your personal R-ScoreSM at www.nationwide.com/retirabilitycheck.
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