Retirable Review

Retirable Ratings at a Glance

If you’re like most Americans, you probably already know that you should be contributing to a 401(k) or IRA in preparation for retirement. However, what many people don’t think about is what it will be like when they actually stop bringing in a regular paycheck. If you’d like a helping hand creating an all-inclusive, holistic plan for retirement, Retirable might be right for you.

Retirable is a U.S. Securities and Exchange Commission (SEC)-registered investment advisor committed to making the process of planning for retirement easier and more manageable for everyday men and women. Retirable offers a range of comprehensive retirement planning tools and resources to help you prepare for your golden years beyond that financial aspect of retirement. Unlike most other retirement planning platforms, Retirable helps you plan for things like healthcare and housing needs in addition to the many financial considerations you’ll need to make as you prepare to exit the workforce.

Retirable is more than a financial advising app, considering your needs on an individual level rather than fitting you with a one-size-fits-all solution based on your income. Retirable goes beyond simple investment management to offer services like the following.

• Comprehensive retirement planning tools: Instead of limiting its services to investment advice, Retirable advisors can help you make plans for income generation in retirement and strategic use of Social Security funds. Its advisors can help you take things like ongoing healthcare needs and end-of-life wishes into account when creating a budget unique to your retirement needs.
• Personal investment planning: When you get started with Retirable, you’ll be matched with a personal retirement expert. Your partnered financial advisor isn’t only a dedicated advisor committed to helping you curate your retirement experience — they have also received specialized training to most effectively assist retirees in planning for retirement beyond saving money.

Your financial advisor will help you create a sustainable plan for your savings and income during retirement. They’ll help you evaluate your current investments, Social Security benefits and needs so you know exactly what’s safe to spend each month to keep you and your family on track for a consistent retirement. If you’re worried that you haven’t saved enough in preparation for retirement, a Retirable advisor may be able to help ease your concerns.

Your financial advisor is a registered fiduciary, which means that they must keep only your best interests in mind when recommending investments and retirement strategies. You won’t need to worry about your advisor receiving commission based on how or where you invest your money. You’ll also receive personalized assistance no matter your assets under management — this service is not reserved for high-value clients, as is the case with some robo-advising apps aimed at retirement planning.

• Long-term advice: Retirable is an investment advising service uniquely designed to provide ongoing advice for retirees changing situations. Instead of focusing on a single, long-term accumulation goal (for example, saving enough money to buy a home), your Retirable advisor helps you make the most of the investments and income streams that you currently have. From short-term economic downturns to long-term end-of-life planning, your Retirable advisor takes both immediate and long-term needs into account when recommending assets to you.

In addition to investment planning and considerations, Retirable also offers tax-efficient spending benefits. Your free Retirable card works anywhere you can use a Visa card, providing you with a single convenient way to use your retirement funds. The card also allows you to seamlessly transfer between accounts, reducing waiting times to use your funds.

As you spend, your linked card will track and catalog your purchases through your Retirable account. This process allows your financial advisor to ensure that you’re staying on track toward your goals and not overspending.

Retirable provides you with an impressive range of tools and services designed to help retirees and pre-retirees manage their upcoming retirement. While many advising services help you to plan for retirement, few provide you with the dynamic tools Retirable offers to assist you in managing your investing and spending even after you leave the workforce. 

Retirable offers customers a number of methods that you can use to contact customer service, including the following.

• Phone: Retirable offers customer service by phone on Monday through Friday between the hours of 9 a.m. and 6 p.m. EST. You can reach customer service by phone by calling 833-222-1807. Your Retirable advisor can also schedule a call with you outside of standard customer service hours if you need it.
• Email: To get in touch with Retirable by email, send a message to info@retirable.com.
• SMS and video call: Retirable customers also have the option to manage their account and connect with their advisor over SMS chat and video call. SMS and video calls are also available outside of standard business upon request. 

Retirable provides you with options to maintain contact with your investment advisor, adjusting your financial plan as your needs and life change. 

Retirable is a Registered Investment Adviser with the SEC, which means that the company has a responsibility to protect the financial or personal data that you submit to your account. Retirable stores your data using top-of-the-line encryption in offsite facilities. Retirable never rents or sells your personal data with any third party unless you give explicit permission.

Additionally, you can rest with the peace of mind that comes with knowing that Retirable’s investment advisors are all fiduciary financial planners. Your investment advisor is legally required to guide you with your unique interests in mind rather than steering you towards investments they can profit from. 

Retirable was designed to serve men and women who will be retiring in the next few years, so it focuses its offerings on clientele who already have some form of retirement savings. Retirable charges an annual 0.75% in fees on your first $500,000, with 0% in fees beyond this value. This service can be beneficial for high-value clients with significantly more than half a million under management.

Keep in mind that if your account balance falls below a total value of $33,333 when calculating the total value of your assets, you’ll pay a minimum annual account fee of $250. This requirement can make Retirable less suitable for younger adults or those who do not yet have a retirement savings infrastructure. 

Retirable offers a highly personalized account creation process with assistance from a dedicated financial advisor. All advisors are licensed, U.S.-based fiduciaries, employed directly by Retirable. Your investments are protected by multiple layers of SEC regulations.

The Retirable account setup process takes about two weeks. During the enrollment process, you’ll meet with your personal financial advisor multiple times to be sure that you’ve got the best possible account.

• First meeting: During your first phone or video call, you’ll meet your Retirable advisor, who will review your goals, current savings, income streams and plans for retirement.
• Plan Discovery: After assessing your financial situation and the unique needs that you presented during the first meeting, your advisor will put together a comprehensive plan to present at your Plan Discovery meeting. You’ll have the chance to evaluate your plan, request adjustments to things like investment mix and timing and ask questions of your advisor. This meeting will usually take place less than a week after the date of your initial call.
• Onboarding: When you’re comfortable with the financial plan that’s been put together for you, you’ll put your plan into action. You have the ability to use several methods to fund your Retirable accounts. You can roll over and consolidate IRAs or old 401(k)s from other employer-sponsored accounts. You could transfer in cash savings or brokerage accounts up to annual limits permitted by the IRS. Regardless, your personal Retirable advisor will help you every step of the way. Your advisor will continue to check in on your plan regularly to manage income generation and investments.

Retirable’s personalized account creation process and user experience are straightforward and intuitive. From setting up your account to checking in on your assets regularly, you’ll have assistance every step of the way. While Retirable does not currently offer a mobile app, the platform’s website is fully compatible with mobile devices. A mobile app would be beneficial for retirees on the go who need a convenient option to check in with their advisor on the road. 

Retirable vs. Competitors

While Retirable can be a strong choice for users who are approaching retirement, it might not be the best choice for everyone. For example, if you’re a young professional who is just getting started in your career, you may need portfolios with different levels of risk compared to the conservative options offered by Retirable.

Benzinga offers insights and reviews on the following robo-advising and investing platforms. Consider continuing your search for the right investing assistance with a few of the following links. 

Retirable is a unique offering in the financial industry, offering simplified retirement planning with a human element. From providing you with a dedicated financial advisor to helping create an investing plan, Retirable’s unique onboarding process takes your personal finances into account when creating an asset mix. However, you can also communicate with your advisor regularly to adjust your investments as your needs change through retirement.

If you’re a current retiree or you’ll be entering retirement soon and you’re looking for assistance managing your financial timeline beyond leaving the workforce, Retirable might be right for you. While you’ll need to already have at least $33,000 in savings to avoid high annual fees, it supports the often-neglected population of investors and savers who are actively in retirement. 

Frequently Asked Questions