Is Your 401k Making Money

Is your 401(k) Making You the Most Money?

Last updated on August 14th, 2018 at 01:32 pm

Grant Sabatier

Founder of Millennial Money and Author of Financial Freedom. Dubbed "The Millennial Millionaire" by CNBC, Grant went from $2.26 to over $1 million in 5 years, reaching financial independence at age 30. He's passionate about helping others build wealth and is addicted to Personal Capital.

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Thomas is one of Blooom's biggest new fans. Like a lot of working millennials, Thomas was in his late 20’s – prime time for building a strong retirement savings – but not exactly sure how to get there. He was hustling as a consultant on the west coast, and trying his best to boost his 401(k).

Thomas knew consistently putting money into a 401(k) was critical. But what else could he do?

He would check his 401(k) balance a couple times a month, but that’s it. Thomas wanted to save $2 million for retirement, but didn’t fully understand the path from $0 to $2,000,000.

A few times he increased his contributions by 1%, but ultimately didn’t feel satisfied.

So Thomas decided to research ways to improve his 401(k)’s performance and customize it to heis goals. All that research pointed to hiring a financial adviser. That sounded expensive and he didn’t have a ton of cash to hire an adviser.

After another month of digging around, he found a convenient and affordable solution that didn’t require meeting with a financial advisor.

A FRIEND TOLD HIM ABOUT BLOOOM

 

At first glance, Thomas thought Blooom was like any other robo-investor platform – one reason why he didn’t join the revolution earlier. But after digging a little deeper, he suddenly realized Blooom was providing an amazing service in a niche of its own.

Thomas took just 2 minutes to sign-up for a free assessment, then he was off to the races. He couldn’t wait to let Blooom analyze his current 401(k) performance and potentially identify high fees that could be lowered.

Fortunately, he hadn’t been paying over-the-top fees with his Vanguard 401(k). Blooom did find his target date fund was underperforming and in serious need of a reallocation. Reallocating with Vanguard would have been expensive. So what’s the best solution?

Thomas signed-up with Blooom for $10/month (or $80/year if purchased annually), and they would automatically reallocate his funds to maximize performance over time on a regular basis.

The Result: More Cash for Retirement

 

After letting Blooom do its thing and reallocate his retirement savings, Thomas expects to have an additional $200,000 by the time he retires. That’s proof that small changes now can pay HUGE dividends when it’s time to retire.
You can expect that he’ll still be hustling, as he frequently writes about on his blog about expensive cities. But Thomas has peace of mind knowing that Blooom has his back when planning for retirement.

Now he can focus on planning for a wedding, a sweet cycling trip through Italy, and everything else life throws his way in the Bay Area.

A Valuable Tool for Everyone

 

Hardworking millennials like Thomas that I talk to are all excited about Blooom and how much it has helped them plan for the future. One of the more popular features? Being able to optimized all sorts of retirement accounts, including 401(k), 403(b), and even Thrift Savings Plan (TSP) for government employees.

If you’re like me, you love the fact that Bloooom keeps an eye on your retirement savings, giving you more confidence and focus to excel at work. Keep those paychecks coming, and Blooom will keep those savings growing.

If you think you’re retirement could use a boost, join the revolution and sign-up for a free assessment with Blooom.

 

Calculate Your Potential Savings Today


When you use Blooom to assess your 401k and how well it’s doing, you might be surprised to find you are paying substantial amounts of hard earned cash on unexpected hidden fees. Over time, small amounts of extra fees can cost you tens of thousands of dollars by the time you retire.

Combined with improved fund allocation and risk management, a 401k in serious need could see huge improvements with a powerful financial tool like Bloom’s.

My favorite part? It could cost you less than your monthly Netflix subscription. Just $10 a month puts your retirement in good hands.

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Grant Sabatier
grant@millennialmoney.com

Founder of Millennial Money and Author of Financial Freedom. Dubbed "The Millennial Millionaire" by CNBC, Grant went from $2.26 to over $1 million in 5 years, reaching financial independence at age 30. He's passionate about helping others build wealth and is addicted to Personal Capital.

1Comment
  • Millionaire Dojo
    Posted at 09:31h, 24 July Reply

    Sounds like a decent tool to use for those who don’t enjoy looking over their retirement plan documentation. I believe I’m nerdy enough to look into the fees myself but I know the majority of people just pick their retirement plans at random.

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