App of the Week – Blooom
So you got a 401k. So does everyone else. You have no idea what the hell is going on with. Neither does anyone else. Thats why Blooom is the App of the Week.
Blooom claims to be the first ever app that manages your 401k for you. Blooom can manage your 401k from the first day you get the job until the day you retire. And that maybe a blessing for you youngsters out there.
Blooom manages the retirement accounts for 25,000 people. That is a small number but the money is not. Blooom is managing over $3.7 billion worth of assets. And they do it well. They’ve been named one of the top 10 most innovative companies in personal finance.
How does Blooom work? They start by asking your current age and desired retirement date. Using this information they can tell you how to optimize your 401k to save for the day when you kick back once and for all. With that date in mind Blooom slowly calibrates that strategy over the course of years.
And get this; Blooom does not take a cut! They make their money by charging a single, low fee. Other money managers may take a percentage or commissions or move 401ks with billion dollars of assets around to different funds. Not Blooom. They get nothing from Wall Street.
Every day Blooom helps new people by providing free 401k checkups to determine how much of an account’s savings are being lost to high fees. Here is an interesting fact; Blooom is the only robo-advisor that can manage your 401k.
Look you could do worse. Many brokers and money managers make a killing off the fees and commissions. Even when you don’t make a dime. Thats how the game is played. Blooom is just trying it a different way that saves you some money while you save money.
To get started just visit the Blooom.com website.