Nationwide applauds launch of National Retirement Risk Index
Index should serve as retirement policy wakeup call
FOR IMMEDIATE RELEASE
June 6, 2006
Eric Hardgrove (614) 677-8516
Media Line (614) 249-6349
Columbus, Ohio — Nationwide Financial Services, Inc. (NYSE: NFS) today applauded the debut of the National Retirement Risk Index. Developed by the Center for Retirement Research (CRR) at Boston College and funded by Nationwide, the new Index is a unique, comprehensive and ongoing measurement of our nation’s retirement readiness.
The first National Retirement Risk Index results were released earlier today by the Center for Retirement Research and showed that nearly half of American households are at increasing risk of falling short of their pre-retirement living standard once they enter retirement. Younger Baby Boomers and future generations are facing the most risk, given national trends that include a shift away from traditional employer-funded pensions, increased longevity, poor savings habits and increases in health care costs.
Citing concern over the bleak financial realities facing most Americans upon retirement, Mark Thresher, President of Nationwide Financial Services, Inc., called on fellow business leaders to come together with legislators to help Americans understand the factors they can control to prepare financially for retirement, while establishing sound policies that can help promote and reward better savings habits for future retirees.
“For the past decade we have heard qualitatively that the retirement outlook for Americans is troubling. Now the risk is quantified by a respected source,” said Thresher. “It is time we use tools such as the Index to inform and spur needed debate on policies that can improve the retirement outlook for Americans.”
In addition to spurring debate on public policy, Nationwide Financial will do its part to help consumers understand their own personal retirement risk. This fall, the company will introduce an engaging online scoring tool based on the National Retirement Risk Index methodology. The tool will give individual Americans their own retirement readiness score, enabling them to compare their results with an ideal score and with others who have similar demographic profiles.
About Nationwide Financial®
Nationwide Financial Services, Inc. (NYSE: NFS), a publicly traded company based in Columbus, Ohio, provides a variety of financial services that help consumers invest and protect their long-term assets, and offers retirement plans and services through both public- and private-sector employers.
It’s part of the Nationwide group of companies, which offers diversified insurance and financial services. The group is led by Nationwide Mutual Insurance Company, which is ranked No. 98 on the Fortune 100 based on 2005 revenue.1 For more information, visit www.nationwide.comb