A viatical settlement is the sale of a life insurance policy by the policy owner before the policy matures. Such a sale, at a price discounted from the face amount of the policy but usually in excess of the premiums paid or current cash surrender value, provides the seller an immediate cash settlement. Similar to reverse mortgages, viatical settlements involve insured individuals with a life expectancy of less than five years. In countries with high health care costs (such as the United States), this is a practical way to pay extremely high health insurance premiums and other senior care expenses that severely ill people face. Some people are also familiar with life settlements, which are similar transactions but involve insureds with longer life expectancies (two to fifteen years). - From Wikipedia and other sources 5/2007Company Creates Index to Gauge Retirement Savings
Independence, MO (PRWeb) February 22, 2007 -- Pinpoint Performance, Inc. has launched a free website---The Pudding Index™---that compares an individual's 401(k) and IRA balances to a benchmark account that would replace 50% to 60% of the individual's final pay upon retirement at age 65.
"Unlike calculators that focus on future asset growth, the Pudding Index™ grades the retirement saver on his or her current balances. This approach engages younger workers---it's more "real"--- and allows workers to easily track their progress over time" says Bill Glasco, spokesperson for Pinpoint Performance.
A website visitor inputs just four items---date of birth, gender, current pay and current total of account balances. The index automatically figures the benchmark level of assets and scores the visitor's actual account balances versus the benchmark amount. A Pudding Score of 100 or more says retirement assets are ahead of the index level; a lower score says the visitor trails the index's pace.
"Americans are comfortable with indexes---from credit ratings to sleep numbers---and like the idea of keeping score. In retirement plans today, employees must take charge to assure a successful trip to retirement. They now have a convenient gauge to accompany them along the way. After all, when you test how well your assets are growing, the proof is in the pudding", says Glasco.
Appealing to workers of all ages, the Pudding Index™grades current account balances against a dynamic standard that automatically adjusts for changes in the worker's age and pay. In addition to the Pudding Score, the site calculates an age 65 retirement income that starts with today's balances and assumes future growth and contributions that match the benchmark account levels.
Pudding Scores form a common language for people to engage in a discussion about saving for retirement even when their age and pay circumstances vary widely. The scores facilitate a conversation about retirement savings without divulging pay or account balance information.
The Pudding Index™ is located at: http://www.puddingindex.com
Pinpoint Performance, Inc. is a small, independently owned firm that provides services on a fee basis to sponsors of defined contribution retirement plans, such as batch calculations of Pudding Scores and other plan management information.
Contact:
Pinpoint Performance
Bill Glasco, President
913-906-4210
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