What Is Retirable?
Retirable is an online services company founded in 2019 that focuses on helping every American citizen acquire the financial stability they need to enjoy retirement. Its mission is for everyone to have an access to a trusted financial planner, giving them professional advice and guidance as they work for their future. Retirable offers excellent features, including a personal financial advisor, a customized retirement plan, monthly retirement paychecks, and an identity insurance policy. Their services generally cost a flat rate of $250 per year if you have less than $33,000 in your Retirable account. However, if you save more than $500,000 in your account, you don’t have any annual fees to pay.
With a dedicated retirement advisor, you can lean on their advice to save more money while living a comfortable retirement. Your advisor is available via phone, call, or email to answer your questions or inquiries. In case of identity theft, you are given up to $1 million on Identity Theft Insurance and reimbursement for lost income, service expenses, and other restoration costs.
Keep in mind that there is an upcoming feature of Retirable where you can use a debit card to earn cash back on every purchase. You can earn these cash backs on buying groceries, drug prescriptions, mobile phone plans, and hotel accommodations. The cash back made will be transferred directly into your savings, gaining you more money while you spend.
Features Of Retirable
#1 No Minimum Deposit to Create A Retirable Account
Retirable doesn't charge any minimum deposit when you want to invest your money in their retirement account, which is much better than other traditional services (e.g., Vanguard) that require a minimum investment of $1,000. It also only takes a minimum of $1 as a starting balance to help you begin your goal of retiring comfortably. There may be no minimum deposit and low minimum balance, but Retirable needs as much money for their future goals too.
Retirable makes retirement planning more accessible with the use of modern-day technology. They earn money, not with your investable assets, but with their services and expertise. With that, they charge you 0.75% of the savings you have invested in your account or a flat fee of $250 if you only have less than $30,000. If you want to avoid paying annual fees or charges, you have the option to save at least $500,000 in your account for a fee waiver.
#2 Meet with Professional Financial Advisors Online
Retirable advisors advise you on how to increase your savings, spend within your means, and handle financial decisions. In Retirable, you can get a licensed fiduciary dedicated to planning your Social Security, healthcare, income, and housing as you retire.
You can contact or ask them about anything online via call, chat, or email; they will help you understand which options are best for you. Your specialist can also help you adjust to market volatility, inflation, or lifestyle changes. They provide you with a simple chart or infographic about your retirement portfolio and what new ways you can follow to keep your goals within reach.
#3 Make Sure Your Savings Last With The Retirement Income Calculator
The Retirement Income Calculator is a financial tool designed to give you a general view of how long your savings can last throughout your retirement. As seen from the screenshot above, you can input the needed details such as birth date, the total balance of your savings (401(k), IRA, etc.), and retirement age. Once you have placed the information, click the button and see your average monthly paycheck that could last for at least 30 years.
Keep in mind that this calculator help projects a hypothetical investment outcome based on your situation and decisions. This should not only be the basis for your retirement or purchase decisions. Since the value of your investments will fluctuate over time and may not guarantee future results.
#4 Monthly Retirable Paycheck
The Retirable Paycheck is another financial management tool offered by Retirable. It is a tool that helps you spend and live within your means to make your savings enough for retirement. Retirable gives you a free consultation with a dedicated financial advisor who will customize your monthly spending and savings plan based on your other traditional savings and income sources.
You can access your Retirable Paycheck and monthly plans from your phone or desktop. It will show you the estimated monthly amount you can safely withdraw for unexpected expenses. If you choose to spend more or less, your advisor can adjust it so you can always stay one step ahead of your financial decisions.
#5 Encrypted and Secured Personal Data
Retirable ensures that your credit and personal information are protected when you make any transactions with your account. The company uses industry-standard encryption, which means that they store all of your data in secured off-site facilities. They will never rent or sell your data to any third party for any purpose without your permission. And if there is any case of identity theft, Retirable offers white-glove identity restoration and recovery. You can get up to $1 million in Identity Theft Insurance and get 24/7 access to specialists who can help you refund your lost money and the costs to restore your identity.
Pros of Retirable
- No minimum deposit is required to open a Retirable account.
- A $1 minimum starting balance
- One-to-one meeting with a licensed financial advisor online.
- Receive 15% more of your retirement income every month upon retirement
- It helps you create a personalized retirement plan based on your lifestyle.
- No management fee if you have saved more than $500,000 in your account
- Has expert support to remove any burden of your estate settlements
- Has an option to speak with a Medicare professional to maximize insurance benefits and options
- Comes with a variety of Individual Retirement Accounts (IRAs) and brokerage accounts
- A Retirable card that gives you cash back from purchasing groceries, prescription drugs, cell phones, or booking a hotel (coming soon)
- The Retirable advisor reviews and monitors your plan constantly so you won’t be spending more than you save
- Exclusive members can get up to $1 million in Identity Theft Insurance, costs reimbursements, and 24/7 account protection.
Cons of Retirable
- A 0.75% management fee on the first $500,000 of your account
- A $250 flat fee per year if your annual balance is below $33,000.
- No in-person appointment since you can only interact with the financial advisors online.
Retirable’s fees are lower than traditional financial services, which generally cost between 0.3% – 1.5%. With Retirable, you are only charged 0.75% for the first $500,000 in your account. However, if you have less than $33,000, you will be fined a fixed $250 fee annually. If you wish to avoid any service fees, you must save at least more than $500,000, so there would be no more charges.
For refund policy or guarantee, Retirable members are protected up to $1M Identity Theft Insurance by specialists. Retirable will repay you for any lost income, expenses, or other costs to recover your identity.
Retirable is a financial services company that prepares every American citizen for a better retirement through approachable and professional financial advice. They offer their services online with a certified financial advisor and help older adults create a retirement plan that includes their monthly income, budget, healthcare, and housing. Retirable charges you 0.75% for the first $500,000 and a flat rate of $250 per year if you have less than $33,000 in your account. Their services include a regular retirement paycheck, a personal financial advisor, retirement and spending plans, an online retirement calculator, and identity theft insurance.
With the benefits you receive from Retirable, it is an excellent option for older adults preparing for retirement. However, if you prefer in-person appointments with your financial advisor, this may not be suitable for you since they entirely operate online.
How Does Retirable Work?
Retirable works by helping you retire comfortably while managing your investments, savings, and expenses.
- You will meet your financial advisor through a phone call, and they will do a background check on your savings, Social Security, and monthly income to create your retirement plan.
- They will come up with investment strategies and plans so that your savings will last throughout your retirement.
- Your advisor will then use the tool called Retirable Paycheck, which shows how much retirement income you can receive per month from the total balance of your savings (401(k), IRA)
- Within your retirement, you will be able to withdraw based on the monthly savings that are safe to spend. This way, your savings are guaranteed to last for at least 30 years.
- If you decide to take more or less than your income, you can talk to your advisor, who will adjust your plan in real-time.
How Do You Create A Retirable Account?
You can create a Retirable account with easy steps by clicking the “Get Started” button at the right corner of their website and following the given steps below:
- Fill out the series of questions provided by the Retirable to determine your financial lifestyle and retirement goals.
- Provide your first name and email address to receive your retirement plan and retirement income guide
- Place your phone number, and an advisor will call you at your scheduled time for a free consultation. You can have the option to schedule a specific time to discuss your goals and plans.
- Tell the advisor that you would like to use their services if you decide to create an account.
- Your advisor will then do a background check on your financial accounts and use investment strategies to create your personalized retirement plan.
How Much Does Retirable Cost?
Retirable costs at least $1 as a minimum balance after you create the account. Regarding the annual fees, they charge you 0.75% for having at least $500,000 in your account and having less than $33,000 can cost you $250 per year. Nonetheless, you can have no annual fees if you have more than $500,000 in your account.
Is Retirable Worth It?
Yes, Retirable is worth it because it does not have a minimum deposit to open an account, unlike other traditional institutions. They also charge you a lower management fee of 0.75% and give free consultations with your financial advisor to create your retirement plan.
Is Retirable Safe?
Yes, Retirable is safe because they protect and secure your data through industry-standard encryption. They also value your trust by never renting or selling your personal information to any third party or services without your approval.
Is Retirable Legit?
Yes, Retirable is legit because it is a financial services company registered with the Securities and Exchange Commission (SEC). Each advisor is a Certified Financial Planner and U.S.-based fiduciary with proven expertise in retirement planning, investment allocations, spending guidance, and retirement tax strategies.