Every day in the United States, 10,000 men and women retire from the workforce. But do they have the financial stability to retire comfortably? Approximately 64% of U.S. households (80 million) have no source of protected monthly income to fill the gap between what they will need in retirement and the income they will receive from their savings, investments, and Social Security. This has created a silent but looming “retirement income crisis” in America.
While millions of Americans stand the chance of running out of money in retirement, the good news is that solving for protected lifetime income moves us one step closer to ensuring retirement security for as many of those people as possible. The Alliance for Lifetime Income recently launched a first-of-its-kind educational tool for consumers: The Retirement Income Security Evaluation (RISE ScoreTM). The RISE ScoreTM is a quick and simple assessment for Americans thinking about or planning for retirement, to help them understand their retirement income risks, and the possible gap in protected lifetime income they may have. Though there are several available retirement income calculators and tools in the market, this is the first that helps people determine their level of retirement income risk.