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Retirable helps people of all financial statuses manage their money in retirement. They have low fees, trained advisors to help you invest your money, and software that lets you know how much you can spend each month to stay on track for your retirement goals.
AT A GLANCE
- Reliable paychecks through retirement
- Dedicated advisors
- Customized retirement plans
- Tax-efficient investing
- Personal advisor to answer questions
- Sign up in 15 minutes
- Low fees
- Accessible for everyone regardless of income
Pros & Cons
Everything in life has positive and negative aspects associated with it, and Retirable is not any different. Find a summary of those below for a quick overview.
Do you think having a successful retirement is out of the question for you? Maybe you do not have as much retirement money as you feel you should have or do not know how to budget for your retirement goals.
Or maybe you have a good amount of money saved up for retirement and want to live a comfortable lifestyle without going overboard.
Retirable is the solution to all your retirement worries! Retirable is an online retirement planner with trained advisors ready to guide you through the entire retirement process.
They help you manage your money, so you have enough to spend every month, but it will not take up too much of your time so you can enjoy your retirement.
This Retirable review explains what Retirable is, its services, and how much it costs to use. I also go over who should use Retirable, whether or not it is right for you, and have some answers to frequently asked questions about Retirable.
Minimum Balance: $0
Fees: 0.75% of assets under management
Promotion: Free consultation with advisor
Retirable wants everyone to have an easy retirement where they can have peace of mind that their finances are taken care of. Three people, R. Tyler End, Ian Yamey, and Brian Ramirez, started the company to help people in retirement who are often overlooked by the financial system.
They have financial, investing, and technology experience, which helped them start a successful company. In the past, people had issues managing their retirement at a fair price, and sometimes they would not even be completely prepared or have the funds necessary to retire comfortably.
But, Retirable combines financial planning and management with investing to ensure that retired people have money to spend as soon as they retire, but are also earning more on investments with the money they do not need yet.
Retirable makes keeping your finances organized for the rest of your life easy, and more than 50,000 have already successfully used their services to plan and manage their retirement.
Retirable offers a few different services depending on your financial goals, your retirement savings, and how hands-on you want to be with the whole process.
- Monthly Paychecks: Retirable sends you a monthly paycheck throughout your retirement. They let you know what is safe to spend to stay on top of your goals, but you can always adjust it if necessary.
- Retirable Advisor: You will have a dedicated Retirable Advisor who will help you get started with the program, help you manage your money, and answer any questions you have.
- Investments to Grow: Your advisor will help you set up low-cost investments to help you grow your retirement fund. You have complete control over these investments.
Fees and Minimums
Retirable charges fees depending on how much money is in your account annually. The fees for lower-income retirement accounts are a small flat fee, so anyone can use Retirable without losing too much money to fees.
Here are the fees they change annually depending on your account balance:
- Account balance less than $33,000: $250 flat annual fee
- Account balance over $33,000: 0.75% of balance up to $500,000
For balances over $500,000, they cap the fee at 0.75% of $500,000, so you will never pay more than $3,750 per year to Retirable.
How Does Retirable Work?
Next in this Retirable review, I’ll explain in detail how the whole process works. Retirable is an easy service to use, and it only takes 15 minutes to get started.
Here are the steps every new Retirable user will follow.
- You will get on a call with your Retirable Advisor. They will help you plan out your retirement plan, where your retirement income will come from, and how much you need to save while still maintaining your current lifestyle.
- Once you have a plan in place, you will officially open your account and start putting money into investments with the help of your Retirable Advisor. You can manage your accounts anytime if your goals change or you want to change your investments.
- Every month, Retirable shows you how much money you have to spend that month if you want to stay on track. Or, if you end up spending more money than you plan to, Retirable will adjust your spending for future months.
Once you have your account set up, you can always reach out to your advisor for help or to make any changes to your plan. You can also manage your spending and investments on your own.
Who is Retirable Best For?
Retirable's goal is to work for everyone, regardless of income or financial status. As seen in the fee section above, Retirable does not earn money based on the size of investable assets but instead on your annual balance.
You are only charged a small fee for Retirable’s services if you have a low balance under thirty-three thousand dollars. But, even if you have a higher annual balance, you can still use Retirable without paying as high of fees as you do to other types of financial managers.
You will pay a percentage of your annual balance. Retirable is also good for older people who are unfamiliar with technology and investing, but want to use them to their advantage in retirement.
Your Retirable Advisor handles the harder, more technological side of your money management, but you still have control over your accounts and funds whenever you want to change something.
Should I Use Retirable?
Retirable makes retirement planning easy and accessible for everyone, regardless of income. They cap their annual fees at $3,750, and lower-income customers will only pay $250 per year for account balances under $33,000.
Gather a list of your current retirement accounts and other sources of income, think about your retirement goals, and set up a consultation with a Retirable Advisor today.
Retirable gives adults 50+ retirement income management and guidance to help them confidently maintain a comfortable lifestyle.
Because I want this Retirable review to be as comprehensive as possible, I’ve included some common questions and their respective answers.
Yes, Retirable is a legit company. They are different from other companies in that they do not have physical offices, which saves them a lot of overhead.
They do all the consulting with you over the phone while still being able to charge lower fees.
Yes, you will need to rollover your existing accounts, but your Retirable Advisor makes it easy to do so and will help you with the entire rollover process.
The process varies depending on what types of accounts you have.
Retirable still changes fees on the money they manage for you; it is just much lower than other retirement managers charge.
They charge lower fees because they want retirement to be manageable and accessible for everyone regardless of income.
You can receive your Retirable retirement paychecks just like you would get money from any other institution. They will send you a check each month, or you can have the money deposited into a bank account each month.