Retirable, a holistic retirement solution with the ongoing care of an advisor, has raised an additional $6m in seed funding and launched a retirement income and investing offering.
Retirable is designed for the 50 million Americans approaching retirement in the next decade without a formal retirement plan.
The company offers ongoing management from a fiduciary advisor to help clients spend retirement income efficiently, make savings last, and navigate key decisions throughout retirement.
The $6m funding round was led by Primary, with additional investments from Vestigo Ventures, Diagram, Portage and Primetime. The round brings the total Retirable has raised to $10.7m.
Retirable pointed to a 2019 study by TransAmerica Center, which found that 46% of workers are guessing about their retirement savings needs. The same study also found that only one in five workers has a written retirement strategy.
The majority of middle class Americans have not had the opportunity to obtain professional advice, Retirable said, let alone advice that centres their needs and lifestyle. This is what Retirable is on a mission to change.
For example, Retirable’s income service helps clients effectively decumulate their retirement savings by sending monthly direct paychecks aligned with the planned amount to sustain their lifestyle.
In addition to a dedicated advisor, Retirable clients receive personalised investment portfolios that balance short-term income with long-term growth. Retirable allocates an individual’s assets into three distinct buckets: cash, stability and growth, designed to produce reliable monthly income for the duration of their retirement.
Clients can access their dashboard to review their personalised retirement plan and reach their advisor at any time with any questions they may have.
Tyler End, CEO at Retirable, said, “As a society, we generally associate retirement with big trips or purchasing vacation homes, but what we’ve found at Retirable is that most everyday Americans are actually looking to maintain the comfort and joy of their current lifestyle for as long as they are able.
“We know many retirees could benefit in the long-run if they had easy access to an affordable retirement solution and someone to help them navigate that journey. Retirable is committed to our clients, ensuring they have the ability to still do what they love and enjoy their golden years without financial worry.”
Earlier this year, Guiide, a Glasgow-based FinTech focussed on retirement finance planning, raised £200,000and welcomed three additions to its team.
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