Have Enough Money for a Good Retirement? This Tool Will Tell You

Have Enough Money for a Good Retirement? This Tool Will Tell You
Photo by ALPA PROD / Shutterstock.com

A new tool promises to help workers discover whether they are on track for a prosperous retirement.

The RISE Score — or Retirement Income Security Evaluation Score — promises to let you know how likely it is that you will have an adequate income during your golden years, according to a CNBC report.

Likened to a credit score for your retirement, the RISE Score takes into account factors such as:

  • Your expected Social Security income
  • Pension income for which you qualify
  • How much you have saved for retirement over the years
  • Your monthly living and medical expenses

The nonprofit Alliance for Lifetime Income — which is backed by the financial services industry — offers the RISE Score at a special website. Milliman, a company that provides actuarial products and services, developed the tool.

The website has a RISE Score calculator so you can determine your score. According to the site, the score ranges are:

  • Over 750: Excellent
  • 700-749: Very Good
  • 650-699: Good
  • 550-649: Fair
  • 350-549: Poor
  • Less than 350: Very Poor

How to retire securely

Tools such as a RISE Score can help you get a ballpark idea of whether you are on track for retirement. However, it’s a mistake to put too much faith into a one-size-fits-all piece of software.

The events of real life have a way of upending even the best-laid plans. So, don’t simply assume that a solid RISE Score means you’re headed for Easy Street.

Instead, you might look for ways to trim your expenses so you won’t need as much money in retirement. One of the best ways to secure solid finances in retirement is to downsize your living quarters.

As we recently reported in “7 Unexpected Perks of Downsizing as a Retiree“:

“Choosing a smaller dwelling can reduce housing costs and eliminate many maintenance tasks, such as painting, cleaning and mowing. Fewer rooms make housekeeping an easier task. A smaller home also offers other hidden advantages.”

For more retirement advice, check out:

Retire on your own terms with help from this course

The Only Retirement Guide You'll Ever Need gives you the knowledge you need to retire on your own terms. Sure, you can pay a financial adviser, but this online course gives you total control to create a customized retirement plan around the things that matter to you -- without the fees you can expect from financial firms and advisers.

You'll get expert, personalized advice. You'll have access to the latest tools. You'll have ongoing support. And when you've completed the course, you'll be ready to approach your retirement with confidence and with peace of mind.

It's time to plan the best years of your life. Let's get started.

Read Next

7 Hidden Ways to Get More Out of Amazon
7 Hidden Ways to Get More Out of Amazon

You don’t have to be a Prime member to take advantage of these little-known perks of shopping on Amazon.

The Home Remodeling Projects With the Best Payback
The Home Remodeling Projects With the Best Payback

A new report reveals how different home improvement projects stack up as investments, including one that typically returns more value than it costs.

The Worst Nursing Homes in America Are Revealed
The Worst Nursing Homes in America Are Revealed

The nursing homes with a history of providing subpar care previously hadn’t been identified for a government list.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Comments

Trending Stories