A financial service for senior retirement planning
Founded in 2019, Retirable is a financial services company that makes retirement planning services accessible to adults age 50 and up. Driven by a mission to provide everyone with financial stability through access to retirement planning services and clear professional advice, the company helps seniors make sure they have enough savings for the rest of their lives.
Before you dive into retirement planning, here’s our experience with Retirable: their services, costs, how they stack up to the competition, and more.
Pros About Retirable
- One-on-one support from a certified financial planner
- Effortless, straightforward user experience
- Advisors are accessible and easy to reach
- No minimum balance on investments
- Services tailored to work with older adults in before retirement and well into retirement
- Makes retirement planning financially accessible for individuals of all income brackets
Cons About Retirable
- Services only offered online
What Is Retirable?
Retirable is a financial services company that helps adults age 50 and up prepare for retirement. Their mission is to help everyone gain the financial stability they need to enjoy retirement.
Retirable will help you manage your retirement funds and send regular paychecks from your retirement account. First, you have a call with a certified financial planner (CFP), who will show you what you can do with your money to prepare for retirement. This includes deciding how to invest your existing savings to make income during retirement, as well as what you feel comfortable spending every month so that you have enough to live on.
Did You Know? Travel is a top retirement goal for people around the world.1 Take a look at our 2021 retirement statistics to learn more about what retirement looks like for older adults now.
Your CFP will also discuss any goals and concerns you have for retirement, such as travel and medical expenses. Based on your discussion, they’ll help you come up with a holistic plan so you can continue living off your retirement savings while letting them manage your assets.
All of Retirable’s CFPs are fiduciaries, meaning they are legally required to help individuals with their best interests in mind. While their services are available to all U.S. citizens, they’re specifically geared toward helping seniors.
I scheduled a free consultation (more on this later) and spoke with Nicholas, a CFP, to find out more about what Retirable does. Nicholas was extremely helpful in explaining Retirable’s services.
From our conversation, I learned that Retirable offers a comprehensive retirement planning service. This means that the company works with older adults to build a full picture of what retirement will look like, which includes:
- Taking assets and turning them into income to help seniors continue making money during retirement
- Minimizing the taxes paid on their assets
- Planning for inflation over time
- Deciding when to start getting Social Security benefits
- Choosing when to enroll in Medicare
In short, Retirable manages your retirement funds and sends regular paychecks from your accounts so that you can pace your spending and maintain your quality of life during retirement. These services are unique; other retirement services may have you withdraw from your retirement account manually, which can make it challenging to figure out how much to spend monthly. I’d recommend Retirable’s services for older adults who are planning to retire in the next few years or have recently retired.
Getting Started With Retirable
Getting started with Retirable is easy! From the company’s home page, click the “Get started” button in the top right corner.
Then, the website will lead you through a series of questions. It took me only about a minute to complete the questionnaire.
Once you’re done with that, you’ll be asked to provide your name, email address, and phone number. One of Retirable’s advisors will text you to schedule a free consultation and discuss your goals and help design your plan.
After your call with the advisor, you can decide if Retirable is right for you and sign up for their services.
How Much Does Retirable Cost?
Unlike other retirement and wealth management services, Retirable has a $1 minimum starting balance for accounts and no minimum balance on investments. They also charge an annual 0.5 percent management fee on assets worth up to $500,000.
Did You Know? Wealthier people are more likely to have their end-of-life affairs in order.2 Find out how to plan your affairs with our guide to estate planning.
Other wealth management services, including Vanguard, TD Ameritrade, and Charles Schwab, charge anywhere from 0.3 percent to 1.5 percent and have portfolio minimums starting at $25,000. Looking at those rates, I find Retirable to be much more affordable and financially accessible. Plus, there’s no need to worry about a minimum balance requirement for assets.
Comparing Retirable to the Competition
Retirable is unique in the industry, as they offer services geared toward older adults who are preparing for retirement. There are major players in the industry that offer services for seniors, but they are not solely focused on the needs of those approaching retirement.
One place where other financial services companies have a leg up on Retirable is in-person services. If you prefer to speak to someone face-to-face about your retirement planning, you may want to consider other companies, like Fidelity or Charles Schwab, that have physical locations.
Did You Know? Almost half of households headed by an adult age 55 or older don’t have retirement savings.3 Prepare for your retirement by heading over to our guide to retirement planning.
On the other hand, Retirable’s services stand out because there is no portfolio minimum. You can get started with your retirement plan regardless of how much money you have, making them more accessible. Retirable is also unique, as they send regular paychecks from your retirement account to make it easy to maintain your lifestyle and spending. Retirable offers one-on-one help from the start, which means all your big questions and concerns are answered before you even commit to a plan.
Final Thoughts on Retirable
Retirable’s services are aimed at older adults, and the company makes retirement planning easy and much less intimidating. By offering one-on-one support from the start, they take the confusion out of retirement planning so that you can get started right away.
Every part of their service is meant to help seniors: It’s financially accessible because the fees are low, all of their financial advisors are legally obligated to keep your best interests in mind, and they provide ongoing one-on-one support.
Retirable really hits it out of the park when it comes to retirement planning for seniors. Visit Retirable’s website to learn more.
Frequently Asked Questions About Retirable
How do I sign up for Retirable?
Click the “Get started” button on Retirable’s home page. Fill out the questionnaire and provide your contact information. A Retirable advisor will give a free consultation over the phone to help you create a custom plan. You can then sign up if you decide they’re right for you.
Is there a minimum amount of savings I need for Retirable’s services?
No, there is no minimum amount. Retirable does not require a minimum balance to get started, but they do charge a 0.5 percent management fee.
Can I sign up for Retirable if I’m already retired?
Yes, you can sign up for Retirable if you’re already retired, though they recommend their services for seniors who are a few years away from retirement or a few years into retirement.
Does Retirable have any hidden fees?
No, Retirable does not have any hidden fees.
Transamerica Center for Retirement Studies. (2017). Global Retirement Aspirations.
SeniorLiving.org. (2021). 2021 Estate Planning Report.
AARP. (2019). Nearly Half of Americans 55+ Have No Retirement Savings.