Retirement planning is often seen as a privilege reserved for those with substantial savings and investments. However, fintech startups like Retirable are changing this narrative by providing accessible and affordable retirement solutions to individuals of all income levels.
The Problem with Traditional Retirement Planning
Conventional retirement planning typically requires a significant amount of money set aside, which can be daunting for many individuals. According to a 2019 study by the TransAmerica Center, only one in five workers has a written retirement strategy. This lack of preparedness can lead to financial insecurity and uncertainty about how to maintain one’s lifestyle during retirement.
Retirable: A Holistic Approach to Retirement Planning
Co-founded in 2019 by Tyler End, Ian Yamey, and Brian Ramirez, Retirable aims to revolutionize the retirement planning landscape with its "first-of-its-kind holistic" approach. The company provides a dedicated advisor and products and services for investing, planning, and spending, similar to other retirement planning companies.
Decumulation: A Key Differentiator
However, Retirable differs from its competitors in several ways. One of the key differentiators is its focus on "decumulation," which involves allocating an individual’s assets into three buckets: cash, stability, and growth. This approach ensures that clients have a stable source of income during retirement while also allowing for growth opportunities.
Real-Time Income and Spending Insights
Retirable’s proprietary technology provides clients with real-time income and spending insights, enabling them to make informed decisions about their financial resources. The company’s asset allocation dashboard allows users to see how much they can safely spend each month, ensuring that they don’t overspend or deplete their savings.
Debit Card with Cash Back into Savings
In addition to its investment management and paycheck products, Retirable is developing a debit card that offers cash back into savings. This innovative feature provides clients with an added layer of financial security and encourages responsible spending habits.
Affordable Pricing and Accessible Services
Retirable’s pricing structure is competitive, with a fee of 0.75% on the first $500,000 of managed assets and nothing after that. End notes that this translates to roughly 63 cents for every $1,000 managed, which is lower than comparable advisory services.
Dedicated Advisor: A Fiduciary Commitment
What sets Retirable apart from other retirement planning companies is its commitment to providing a dedicated advisor who acts as a fiduciary. This means that advisors are incentivized to work in the best interests of their clients, rather than selling them products or services.
Retirable’s Growth and Future Plans
Since its founding, Retirable has built proprietary technology that has designed over 50,000 retirement plans. The company has also grown its revenue by over 25% month over month. With $6 million in additional venture-backed seed funding, Retirable aims to accelerate the development of its debit card, continue growing its advisor team, and expand its distribution channels.
Conclusion
Retirable is revolutionizing the retirement planning landscape with its holistic approach, decumulation strategy, and affordable pricing. By providing accessible services and a dedicated advisor, Retirable empowers individuals to take control of their financial futures. With its innovative features and commitment to fiduciary care, Retirable is poised to become a leading player in the retirement planning industry.
About Retirable
Retirable is a fintech startup that provides affordable and accessible retirement solutions to individuals of all income levels. Founded by Tyler End, Ian Yamey, and Brian Ramirez in 2019, Retirable aims to revolutionize the retirement planning landscape with its "first-of-its-kind holistic" approach.
