Index should serve as retirement policy wakeup call
COLUMBUS, Ohio, June 6 /PRNewswire-FirstCall/ -- Nationwide Financial
Services, Inc. (NYSE: NFS) today applauded the debut of the National
Retirement Risk Index. Developed by the Center for Retirement Research
(CRR) at Boston College and funded by Nationwide, the new Index is a
unique, comprehensive and ongoing measurement of our nation's retirement
readiness.
The first National Retirement Risk Index results were released earlier
today by the Center for Retirement Research and showed that nearly half of
American households are at increasing risk of falling short of their pre-
retirement living standard once they enter retirement. Younger Baby Boomers
and future generations are facing the most risk, given national trends that
include a shift away from traditional employer-funded pensions, increased
longevity, poor savings habits and increases in health care costs.
Citing concern over the bleak financial realities facing most Americans
upon retirement, Mark Thresher, President of Nationwide Financial Services,
Inc., called on fellow business leaders to come together with legislators
to help Americans understand the factors they can control to prepare
financially for retirement, while establishing sound policies that can help
promote and reward better savings habits for future retirees.
"For the past decade we have heard qualitatively that the retirement
outlook for Americans is troubling. Now the risk is quantified by a
respected source," said Thresher. "It is time we use tools such as the
Index to inform and spur needed debate on policies that can improve the
retirement outlook for Americans."
In addition to spurring debate on public policy, Nationwide Financial
will do its part to help consumers understand their own personal retirement
risk. This fall, the company will introduce an engaging online scoring tool
based on the National Retirement Risk Index methodology. The tool will give
individual Americans their own retirement readiness score, enabling them to
compare their results with an ideal score and with others who have similar
demographic profiles.
About Nationwide Financial(R)
Nationwide Financial Services, Inc. (NYSE: NFS), a publicly traded
company based in Columbus, Ohio, provides a variety of financial services
that help consumers invest and protect their long-term assets, and offers
retirement plans and services through both public- and private-sector
employers.
It's part of the Nationwide group of companies, which offers
diversified insurance and financial services. The group is led by
Nationwide Mutual Insurance Company, which is ranked No. 98 on the Fortune
100 based on 2005 revenue.(1) For more information, visit
http://www.nationwide.com.
(1) Fortune Magazine, April 2006
Contacts:
Eric Hardgrove (614) 677-8516
hardgre@nationwide.com
Media Line (614) 249-6349
SOURCE Nationwide Financial Services, Inc.
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Related links:
http://www.nationwide.com
CONTACT:
Eric Hardgrove of Nationwide Financial
Services, Inc., +1-614-677-8516, or hardgre@nationwide.com, or
Media Line, +1-614-249-6349
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