Whether you’re deciding where to begin with your retirement investments or just need a little guidance, Blooom is here to help.
Wouldn’t it make sense to optimize and improve your 401(k) if it meant you could potentially retire earlier?
You can do just that with Blooom.
What is Blooom?
I’d heard about an online service called Blooom that’d do all the heavy lifting and optimize your 401(k) for you in minutes.
I decided to dig a little deeper on the service and wrote up this review that tells you what you need to know: Is Blooom legit? Should I use Blooom? Who created Blooom?
This video can sum it up nicely:
As we have gone over, Blooom is a service that has the option to automatically manage your 401(k) for you.
This is a great option for those who could use a little help in this space.
Featured App: Blooom
About Blooom:Your 401(k) could use some improvements. Take a minute to link up your 401(k) and analyze your investments.
How Does Blooom Work?
Blooom will analyze your 401k for free and Blooom can do all of the below:
- Show you how well you are invested
- Pick the best funds available in your 401(k) and give you exact percentages of what to invest where
- Show you exact percentages on how many stocks vs. bonds to have
- Show how much you are paying in investment fees and how to potentially pay less (average bloom client cuts their fees in half)
For someone who doesn’t know how well their 401(k) is invested or would benefit from professionals analyzing it, it can be pretty powerful.
Blooom in Action
- Finance 101 not required. No more poring over 401(k) investments that read like they are written in a foreign language. You can toss all that in the trash. Blooom will handle all the heavy lifting.
- You should be handling your nest egg with care. And if you aren’t doing it, you better find someone to do it for you… that’s where Blooom comes in.
Blooom’s pricing model is simple and very easy to understand.
Here are a few examples of Blooom’s pricing at various account levels:
- Personalized Portfolio: $120/year for Unlimited accounts that belong to you
- Advisor Access: $165/year for Unlimited accounts that belong to you
- Financial Consulting: $295/year for Unlimited accounts that belong to you
The Good and Bad
What we liked about Blooom
- No account minimum— A feature because you cant start investing even if you don’t have a large sum of money to start with.
What we didn’t like about Blooom
- Support for IRAs — Only available for employee-sponsored 401K accounts, not available for taxable accounts.
Is Blooom Right for You?
Blooom is best for passive investors who would rather have their retirement accounts handled for them. This investment platform offers individualized robo-advice for a variety of retirement plans, including IRAs, 401(k)s, 401(a)s, 403(b)s, 457(b)s, and thrift savings plans.
If you enjoy being able to contact human financial advisors, this platform also enables you to ask them questions live on the internet or by email. Even if Blooom isn’t the best solution for you, the business offers free retirement account portfolio analysis as well as other perks.
Best App Bonuses for Fast Cash