Using Technology to Improve Your Retirement
Jan 18, 2023
Blueprint Income Team
People tend to think of technology as an exclusively millennial playing field. But don’t be fooled, there’s plenty of simple tech tools available to enhance how you manage your personal finances, particularly for retirement.
- The introduction of robo-advisors and other fintech platforms is making financial services more accessible and cheaper
- Utilizing tech-based platforms can specifically enhance your insight on available retirement planning options and costs
- Tech-based products, such as FeeX and BrightScope, can shed light on retirement plan complexities and hidden costs
Fintech, the intersection of finance and technology, has evolved significantly in the last decade. What does it mean for you? You have more access to inexpensive tools and financial products than at any point in history. Here’s a short list of how fintech products can specifically help you navigate your retirement planning with ease.
Utilize products that can provide transparency on retirement plans’ costs and fees
A popular pain point when it comes to retirement plans is the lack of clarity around costs. By law, retirement plans must spell out their costs, but with the complex and unfamiliar jargon, it can sometimes feel like you’re reading a foreign language. Being that retirement can last 30 years, the fees can really add up. You should know what and how much you’re paying for before you make any decisions.
With this in mind, we recommend these products that can help you evaluate what you’re paying:
- FeeX uses technology to spell out all of those hidden costs and then recommends cheaper alternatives for users with high investment fees. FeeX offers a 401(k) rollover comparison tool, as well as a fee-assessment service that helps users recognize, evaluate and avoid fees via more cost-effective alternatives. FeeX is free to users but does get paid on referral fees from fund providers.
- BrightScope provides ratings of retirement plans and helps match customers to the products that best meet their long-term needs. Is it too late to roll your plans and see significant savings by the time you are approaching retirement? BrightScope’s own data suggests a 50-year-old user who lowers 401(k) fees by 2% can increase total savings at age 65 by more than 30%.
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Blueprint Income Team
We are a team of finance, insurance, and actuarial professionals working to make it easier for everyone to achieve a steady and comfortable retirement. We write about annuities (the good and the bad) and provide strategies to help Americans prepare for retirement.