Financial Wellness

New Financial Wellness Score Provides Individuals Easy-To-Understand Retirement Planning Check-Up

The new tool from The Alliance For Lifetime Income gives personalized recommendations to investors for discussion with a financial professional

The Alliance for Lifetime Income developed the Financial Wellness Score with Dr. Chris Heye, CEO and founder of Whealthcare Solutions and Whealthcare Planning, a renowned expert in the behavioral and cognitive underpinnings of sound financial decision-making.

WASHINGTON, D.C., March 9, 2022 — The Alliance for Lifetime Income, a non-profit consumer education organization devoted to helping Americans address the risk of outliving their retirement income, today released its Financial Wellness tool. This simple, seven-question online assessment helps identify risks to the health and longevity-related financial challenges that a person may face, provides them with a wellness score and tailored recommendations for improving their financial wellness – in an average time of just 2 minutes.

“The Financial Wellness Score, and our partnership with Dr. Heye, is a fantastic addition to our growing suite of interactive assessments, retirement planning tools and easy-to-use guides,” said Jean Statler, CEO of the Alliance for Lifetime Income. “This tool is designed to ensure Americans have the information needed to begin making good financial decisions when it comes to their health and overall wellbeing for the next phase in life. Doing so is essential to delivering on our vision that no American faces the prospect of running out of money in retirement.”

Dr. Heye added, “After confronting dementia first-hand in my own family and witnessing elder financial abuse in friends, I’ve dedicated my life’s work to protecting the financial wellness of older adults. Many adults do not realize their ability to make financial decisions is at risk until it’s too late. There are steps many need to take to ensure that their wealth and financial wellness are protected.”

Financial Wellness Score users are guided through a short online assessment that asks questions related to financial decision-making tendencies, overall financial knowledge, recent major life events, friend’s or family’s ability to help support one’s financial decisions, and estate planning. Users then receive a “Financial Wellness Check-Up Score” ranging from 0 to 100 and tailored financial planning recommendations.

The Alliance’s other tools and guides, including its “Check off the Basics” Guide, Annuities Language Glossary, and Retirement Income Security Evaluation (RISE) Score® Assessment, are all available at ProtectedIncome.org.

 

 

 

About the Alliance for Lifetime Income
The Alliance for Lifetime Income is a non-profit 501(c)(6) educational organization based in Washington, D.C., that creates awareness and educates Americans about the value and importance of having protected lifetime income in retirement. Our vision is for a country where no American has to face the prospect of running out of money in retirement. The Alliance provides consumers and financial advisors with educational resources, interactive tools, and actionable research and insights to use in building retirement income strategies and plans. We believe focusing attention and conversations on retirement income that lasts throughout life leads to greater retirement security for millions of Americans. Learn more at www.allianceforlifetimeincome.org and www.ProtectedIncome.org.
About Chris Heye, PhD
Chris Heye, PhD, is the CEO and Founder of Whealthcare Solutions, Inc. and Whealthcare Planning LLC. He helped design and manage a clinical study at the Massachusetts General Hospital that investigated the behavioral and cognitive underpinnings of sound financial decision-making. Based on the results of this clinical study, he founded Whealthcare Solutions, a technology company whose mission is to enable individuals and families to more effectively identify and manage health and longevity-related financial risks.
Dr Heye is a regular columnist for the Journal of Financial Planning, and researches and writes about financial wellness, financial technology, and financial decision-making.