This post is sponsored by the Alliance for Lifetime Income, an Official Personal Finance Partner of Growing Bolder.
From the moment we get our first job or move away from home, Americans learn almost immediately the importance of a credit score. Yet, millions of Americans retire each year without knowing their “RISE Score®.”
Let’s start with why it’s such a big deal. Your RISE Score, also known as Retirement Income Security Evaluation Score, can tell you whether you’re on track with your retirement income, and how well it will cover basic living expenses. Simply put, it will gauge how likely you are to outlive your money.
To determine your RISE Score, simply use the free and easy online calculator developed by the Alliance for Lifetime Income and answer some basic questions about your income, expenses, savings and investments. It takes no more than 10 minutes. Don’t worry, the information you provide is completely anonymous, strictly confidential and never shared with other parties.
Like a credit score, the RISE Score uses a scale from zero to 850 and like a credit score, the results may be a rude awakening or a reassuring pat on the back. If there’s a gap between what you have and what you’ll need for retirement, it’s not too late to print out your score and take it to your financial advisor to discuss how to cover that gap.
Our research consistently shows that a great many Americans have significant questions and concerns about having too little monthly income to cover their basic expenses in retirement, things like a mortgage or rent, utilities, food or a gym membership. The RISE Score is a powerful tool for anyone planning for retirement or already retired. So, if you’re even a little concerned about running out of money in retirement, knowing your RISE Score could be a simple first step to re-thinking your retirement plan with a financial advisor, and putting you back on track to living the life you want.