Do You Have The Dollars For Retirement?
August 19th, 2008
Related Stories
- None Found
Story Tools
How’s your R-Score?
No, it’s not some medical test. Instead it’s an online index of retirement readiness developed by Nationwide Insurance.
The way it works is that you answer a few rudimentary questions about pensions, assets, debts, Social Security and housing. As you go along with the program it then provides interesting facts and suggestions. For instance, median family net worth is $93,000 — not a lot in the context of an era when a decent car costs $20,000 and a trip to the doctor can be bankrupting.
You want a score of at least 100 — and more is better.
This calculator is a good idea. It costs nothing, gives a sense of perspective and may raise some questions that seniors and those on their way to becoming seniors might ask.
Does a reverse mortgage fit into this picture? For some the answer will be yes because of a need or preference to convert equity into cash. But for others a reverse mortgage may not be an option if other assets and income are insufficient for the lifestyle you want to lead or for medical costs and other expenses.
To find your R-Score press here.
Related Resources You May Like
RSS Feed
