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Principal Encourages Retirement Savers to 'Move to the Green'To help people make progress today toward having enough retirement savings for tomorrow, Principal Financial Group® has launched the Move to the Green Challenge. As part of the challenge, individuals can walk through a Retirement Wellness Planner. It uses interactive sliders, intuitive prompts and a real-time savings graph to show how making simple changes now may help financial security at retirement. The planner gives users a personalized score - within a range of green, yellow or red - to let them know if they're on track. Green means a saver is set to replace the recommended 70%-85% of their income in retirement. "By showing a color-a simple representation of income available in retirement-you can quickly see how you're doing," said Jerry Patterson, senior vice president of retirement and income solutions at Principal®. "And even more importantly, you can easily make small adjustments to your savings strategy to get yourself to green." A similar initiative last year brought positive results. Of those who participated, nearly one-third raised their deferral amount to 10% of pay, an increase of 3.75 percentage pints. In addition, there's been a 30% increase in the number of participants upping their deferrals since the launch of the Retirement Wellness Planner. And three times more participants have used the new planner compared to our previous retirement planning tool. "It's clear that a more personalized, interactive online experience helps savers see where they can make better choices and they're following through," Patterson said. "We know that saving more and saving earlier is the best thing you can do to prepare for retirement."
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About Principal® Principal, Principal and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group. The Retirement Wellness Planner information and Retirement Wellness Score are limited only to the inputs and other financial assumptions and is not intended to be a financial plan or investment advice from any company of the Principal Financial Group® (Principal®). They only provide general guidelines that may be helpful in making personal financial decisions. Responsibility for those decisions is assumed by the participant, not Principal. Individual results will vary. Participants should regularly review their savings progress and post-retirement needs. View source version on businesswire.com: http://www.businesswire.com/news/home/20160516006099/en/ |