You know you’re officially “adulting”, when you’ve set-up a 401(k) account and find yourself giddy with excitement as you watch the numbers grow. According to Bloomberg, approximately 95% of Americans actively contribute to their retirement account, and most benefit from the average company match, which is 4.5%. In 2016, employees added an average of approximately $6000 into their 401(k) account. And guess what? The numbers are growing due to the strength of the stock market.
While stashing $6000 per year in a retirement fund doesn’t sound so bad, what if you could do more? What if there was a way you could do more in less time and essentially retire a little earlier? Well, an online service known as Blooom, gives individuals the opportunity to do just that.
Grow Your Money With Blooom
Many of us are already used to adding money into our 401(k) account and forgetting about it, but we shouldn’t forget about it unless we have Blooom first. Blooom will professionally manage your account and give you the opportunity to grow your money. According to a 2014 study having professional 401k management can lead to twice the growth.*
All you have to do is enter your name, birthday, when you’d like to retire, and your 401(k) account information. After that, Blooom will provide you with a free analysis that tells you what you should improve on. Many learn for the first time that their employer is not managing their retirement account. They also realize that hidden fees are making them lose money!
An Affordable Retirement Tool
Users of Blooom feel like the online service is definitely worth $10/month (~ $120/year). It is much more affordable than a financial advisor, who’d charge at least $1000-$2000 per year to manage your retirement account. With Blooom, you can benefit from:
- Proper investment selections
- Notifications relating to suspicious account activity
- Rebalancing your investment portfolio
- Market resources and guidance
- Access to their team of financial advisors regarding other financial decisions (e.g. home, car, etc.)
Watch Your Money Bloom With Blooom
If you’re not interested in spending hours of your time learning how to monitor your investment portfolio, try Blooom. If spending $2000 or more on a financial advisor sounds bizarre, also try Blooom. You no longer have to be in the dark regarding how to pick the best funds or be oblivious to the percentage of stocks vs bonds you have. This affordable online 401(k) management and monitoring tool will let you sit back, relax, and almost effortlessly grow your money.
* Financial Engines & AonHewitt. (2014). Help in Defined Contribution Plans: 2006 through 2012. https://corp.financialengines.com/employers/FinancialEngines-2014-Help-Report.pdf. Accessed September 1, 2017. Based on 30-year time horizon to retirement.
