So one of Consumerism Commentary’s new sponsors, Nationwide, has an interactive tool that asks a few questions and determined if you are on the path to a decent retirement. It’s a Flash-based tool with an annoying talking character (who you can mute if he or she starts to annoy you, too). The questions are meant to survey your funds earmarked for retirement as well as your current net worth. Based on your age, Nationwide’s algorithms (based on academic research) will provide you with a score.
A score of 100 supposedly means you’re in good shape if you stay on your current path. That’s not the highest score, though. You can score significantly higher if you are in excellent shape.
Take the quiz and share your score. I scored a 73. These were the survey answers I used which resulted in that score:
Birth year: 1976
401(k) balance: $28,000
IRA balance: $15,000
Other investments: $4,300
Savings and checking: $25,000
Debt: $23,000 (student loans and current credit card balance, paid in full each month)
Possible social security
The score of 73 represents the 73% of my standard of living I will be able to afford in retirement if I continue to proceed as I have so far. I blame the student loans; I had a balance left from my undergraduate studies when I began my graduate work. I didn’t always use my company’s reimbursements to pay off the loan, particularly when cash flow was tight.
From the looks of it, I still have work to do. Therefore, Consumerism Commentary will be online for a long time. My work here is not yet done.
By the way, included in the quiz is a sweepstakes (rules are here) in which you can win $25,000. If you choose to enter (I did not), good luck!
Updated August 9, 2011 and originally published October 23, 2006.