How the Rise Score™ Seeks to Help Answer the Critical Question All Americans Will Face – Do I Have Enough Money Saved for Retirement?
by Suzanne Norman
Overview
2024 marks the largest surge of Americans turning 65 in U.S. history – Peak 65®. More than 4.1 million Americans will retire each year (11,200+ every day) through 2027, but very few people have a true sense of where they stand when it comes to making sure they have enough money to fund their lifestyle in
retirement. Journalists and researchers try to help by suggesting targeted savings amounts needed for retirement, but often this causes even more confusion. Is $1.46 million the right amount of savings needed to retire comfortably? Will having 10x your income by age 67 be enough? Add jargony terms like “Monte Carlo analysis” and scary words like “mortality” and it is no wonder people become paralyzed and unable to answer this important question.4 The Retirement Income Security Evaluation (RISE) Score™ (Exhibit A) was created to help solve this problem by modeling retirement readiness to look like a credit score, something familiar to everyone. With just 10 simple inputs and in less than 10 minutes, RISE empowers people to either make changes to their retirement planning if they are not on track, or instill confidence if they are. As Lao Tzu said, “The journey of a thousand miles begins with one step.” RISE can be that first step towards a more positive financial retirement outcome.
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Suzanne Norman is an Education Fellow, Financial Literacy Expert, Executive Coach, Speaker, and Mentor who consults on a variety of financial, investment, and planning topics. She has 30 years of investment industry experience and has worked for both national and international investment firms. Suzanne has held roles in management, consulting, and advisory with a strong emphasis on helping people plan and save for retirement. Suzanne received a BA in Psychology from Hood College, holds a certificate in Women in Leadership from Cornell, is a certified Life Coach (CPCC), and is a Certified Investment Management Analyst® Suzanne lives by the motto- Scientia potentia est- particularly when it comes to money. She is passionate about helping women develop strong financial skills and writes about topics that matter to them. Suzanne is an active member of CFA Society Boston’s Financial Literacy committee and a board member of Junior Achievement of Northern New England. In her spare time, she enjoys pursuing her love of travel, the outdoors, and photography.