(ARA) – As children, many baby boomers went through a familiar right of passage -- the IQ test their parents forced on them to learn just how intelligent they were. Today, many of those baby boomers are increasingly concerned about their “retirement IQ,” or where the stand on the path to a successful retirement. According to Thrivent Financial for Lutherans research, 71 percent of boomers say the lack of money is the single most important issue preventing them from accomplishing the things they wish to do in retirement.
The struggle they and many others face is getting a clear picture of where they are and what they need to do to reach their retirement dreams. “People want help seeing the big picture of retirement,” says Pam Moret, Thrivent Financial executive vice president of marketing and products. “Because everyone’s situation is unique, getting a good assessment and some immediate recommendations on what to do can be critical in creating financial security for your golden years.”
So where does one go to get their retirement IQ? ThriveQ (www.ThriveQ.com) is an online tool that gives users a scare-free assessment -- a ThriveQ score -- that ranks each individual on their retirement path without generating a shocking multimillion dollar savings total that leads many people to despair.
“Seventy-one percent of boomers wish they had begun saving for retirement upon landing their first job, and 86 percent advised Generation X to start saving as soon as possible,” says Moret of the survey findings. “They know something needs to be done, but they need an easy, non-intimidating way to get into a better position for tomorrow.”
ThriveQ is based on seven key principles for retirement. First, have a vision. Focusing on the things that inspire you will keep you motivated to do what’s needed to be better prepared for retirement. Second, plan ahead because it’s never too late or too early to start preparing for retirement.
Controlling spending, the third principle, is another important step toward retirement success. “Your values are your best guide to determining your spending,” says Moret. “By spending only for those things that are important to you and your family, you can keep debt to a minimum.”
Fourth, once you control your spending, it’s time to save and invest. Saving too much is always better than saving too little. Simple steps, like incorporating automatic savings programs, can make saving and investing as painless as possible.
In realizing retirement dreams, rethink work. This fifth principle centers on thinking of working past the minimum retirement age, or cycling in and out of work for several years. It may be the opportunity to follow your passion, a way to stay connected or a chance to be your own boss.
Sixth, protect your future through insurance and other means to ensure you can withstand any financial surprises. Finally, think about giving back and making a positive impact on others in retirement. By seeking activities that enrich your life and the lives of others -- via helping others through gifts of time, talents and treasures -- you actually are preparing yourself for a happier retirement.
Created by Thrivent Financial in cooperation with author and gerontologist Ken Dychtwald, Ph.D., a world leader on the effects of an aging population on the marketplace and retirement, ThriveQ helps individuals find their unique retirement vision and measures progress toward that vision, while encouraging actions that will help them achieve their goals.
The questionnaire takes about 10 minutes to complete, with each user receiving their ThriveQ -- a score ranging from 1 to 1,000. Based on their score, participants will also be assigned to one of five groups according to their retirement readiness: Survivor, Provider, Striver, Thriver and Thriver +.
After a user receives a ThriveQ score, they also see their score as compared to other ThriveQ users and are given three customized recommended actions based on their answers. Participants can also save their score and track their progress as they accomplish the recommended actions, thus improving their score over time. The site also offers real-life examples of people taking steps to achieve their definition of retirement success.
Learn more about how to achieve your goals for retirement by visiting ThriveQ.com.
Courtesy of ARAcontent
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