Empower Retirement Plan Review 2023: Your Financial Freedom

In today’s fast-paced world, planning for a secure retirement has become more critical than ever. With various financial institutions and platforms vying for your attention, it’s essential to make informed choices. One such option that has garnered attention is Empower Retirement.

In this comprehensive review, we will dive into the Empower Retirement Plan Review 2023 helping you understand if it aligns with your financial goals and aspirations.

How Empower Works

Empower Retirement can be best described as a hybrid between a high-end robo-advisor and a sophisticated budgeting app. It empowers you to delegate the management of your entire financial life to a trusted partner.

Headquartered in Redwood Shores, California, Empower caters to a niche audience—mass affluent investors who value a higher standard of service.

Who Should Choose Empower?

Before delving deeper into the features and offerings of Empower, let’s narrow down who should consider this platform:

1. Has Already Accrued $100,000 in Investment Savings: Empower is tailored for individuals with a substantial financial portfolio. If you’ve reached the six-figure mark in your investments, Empower may be an ideal choice.
2. Is Willing to Pay Higher Fees for Expert Guidance: Empower offers access to live financial professionals. If you value one-on-one guidance and are willing to pay for it, this platform could be a good fit.

The first criterion is particularly noteworthy when we consider the financial landscape in the United States:

• Research from the Federal Reserve reveals that the median financial assets among U.S. households are $25,000.
• Shockingly, only about half of U.S. households have any form of retirement savings, with a median amount of just $65,000.
• Additionally, slightly over half of households own stocks, with a median investment of $40,000.

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Pros of Empower Retirement Plan Review 2023

1. An Excellent Retirement Planning Platform: Empower offers a robust and comprehensive retirement planning platform. It’s equipped with features that can help you visualize and work toward your retirement goals effectively.
2. A Robust Set of Free Budgeting and Portfolio Management Tools: Empower doesn’t just focus on retirement planning; it also provides a suite of budgeting and financial management tools. These tools can be beneficial for individuals at various stages of their financial journey.
3. Access to Live Financial Planners: For those willing to pay a premium for personalized advice, Empower Retirement Plan Review 2023 offers access to financial professionals who can provide guidance tailored to your unique situation.
4. The Ability to Trade Individual Stocks: Empower goes beyond traditional retirement planning by allowing users to trade individual stocks, giving them more control over their investments.

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Cons

1. Very High $100,000 Account Minimum for the Robo-Advisor: Empower’s robo-advisor services come with a substantial account minimum. This may be a barrier for investors who haven’t yet reached the six-figure mark in their savings.
2. High Management Fees: While Empower provides valuable services, it’s essential to note that it comes at a cost. The management fees associated with Empower may be higher than what some investors are comfortable with.
3. Sign-Up Process Can Be Frustrating: Some users have reported challenges with the sign-up process. While this may not be a deal-breaker, it’s something to consider.

Empower’s Free Investment Planning Features

Empower offers a range of features designed to help you make informed investment decisions. One standout feature is the ability to monitor your investment accounts, which unlocks a free investment review feature.

By linking your investment accounts, you gain access to what Empower calls the “You Index.” This innovative tool combines all your assets, from cash to bonds to stocks, and compares their performance against broad indexes such as the S&P 500 or a blended account.

This helps you quickly assess your portfolio’s performance and understand where your money is invested.

Empower also boasts an interactive investment planning dashboard. By providing basic information about yourself, including your age, income, and savings habits, the platform generates a “retirement planner” page.

This page offers insights into your future financial standing, including expected Social Security benefits, while suggesting improvements to enhance your financial situation.

Even if you don’t end up as a paying Empower customer, this tool can be invaluable for anyone uncertain about their retirement goals.

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Conclusion

In conclusion, Empower Retirement Plan Review 2023 stands as a robust financial platform designed to cater to the needs of mass affluent investors. Its combination of retirement planning tools, budgeting resources, and access to live financial planners sets it apart. However, it’s crucial to acknowledge the high account minimum and management fees associated with the platform.

If you’ve already amassed significant savings and value personalized guidance, Empower could be a valuable addition to your financial toolkit. On the other hand, if you’re just starting your investment journey or prefer lower-cost options, you may want to explore alternative platforms.

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