I’ve found another online tool that enables comparisons between your personal finances and retirement savings to others in your peer group. I think it’s worth your time to visit. It won’t cost you anything except a few minutes of Q&A. In fact, you may win something from me just for reading on.
< I enjoy comparing the state of our financial and retirement planning with our peers. This may indicate that I have an ego problem, as in too much of it. Actually, using financial comparison tools is motivational. Learning that you are doing well financially compared to others is a form of “atta boy” for hard work. Learning that you are below average could be the motivational kick in the pants that you need to do better.
The new online comparison tool that learned about this week is provided by ING. It’s called “INGCompareMe.” Don’t worry – although ING wants your business (annuities, etc.), you can use the tool completely anonymously. When you are finished, you can download a report summary. This is an excellent feature because if you decide to track your progress compared to your peers, it gives you a historical record.
Other features that I liked:
- When you set up a personal profile on age, gender, and income, the tool tells you how many other users are in that same profile window, i.e., the size of your peer group.
- The tool measures and compares retirement and financial planning attitudes as well as numbers.
- The tool doesn’t scold you or try to sell you something while you are entering data or reviewing outputs.
Here are some results that I found interesting when I ran our comparison:
- We are ahead of “people like us” in retirement saving but my estimate of how much we will need to retire is almost identical with our peers ($2,000,000).
- 48% of people like us monitor retirement assets weekly. (That surprised me. I thought it would be lower.)
- On average, folks in our group spend over $8000 annually on vacations. That’s a lot more than we spend but not if you take into account use of our lake house as a vacation home.
- 70% of our peers are, like me, DIY investors.
- 65% of our peers are like us with no credit card debt. The other 35% carry average balances over $5000.
- 77% of our peers are like us and have no car loans. The other 23% have average loan balances over $16,000.
I would enjoy hearing back from readers who try the INGCompareMe tool. (FYI – I have no relationship of any kind with ING). Any reader who leaves a comment here with some personal comparison information that he/she found interesting will win a free download of my Failsafe Retirement System. I will draw a random number and announce the winner on Friday, October 22, and email the winner a free download code.
Here is the link to the tool: INGCompareMe:Home.