Retirable Review: a Digital Retirement Planner
Made for both retirees and those approaching retirement, Retirable aims to simplify financial planning through a blend of technology and human expertise. Unlike robo-advisors that focus primarily on automated investing, Retirable offers personalized guidance that addresses the unique challenges of spending down retirement savings while managing healthcare costs, Social Security timing, and lifestyle changes.
Our team spent several months testing Retirable’s platform and working with their advisors to understand how their approach differs from traditional retirement planning services and competing digital platforms.
Key Findings
- Comprehensive retirement support: Retirable combines investment management, income planning, and ongoing advisory services with licensed fiduciary advisors who specialize in retirement planning
- Competitive pricing structure: At 1% of assets under management (capped at $5,000 annually), Retirable costs significantly less than traditional financial advisors who typically charge 1-2% without fee caps
- Hands-on spending management: The platform provides monthly “paychecks” and debit cards that help retirees spend confidently while ensuring their money lasts throughout retirement
FYI: An AARP study found that one in five Americans ages 50 and older does not have any retirement savings.1 Data points like this underscore the importance of planning for retirement in advance.
Retirable Pros and Cons
Pros
- Dedicated fiduciary advisors: Every client works with a licensed financial planner who is legally required to act in your best interests, not sell commission-based products.
- Comprehensive retirement focus: Beyond investments, Retirable advisors help with Social Security optimization, healthcare planning, tax strategies, and estate planning decisions, including transitioning to senior care communities.
- Dynamic income planning: Rather than static withdrawal rules, Retirable adjusts your monthly “paycheck” based on market conditions and spending patterns to help your money last longer.
- Transparent fee structure: The 1% annual fee (capped at $5,000) is lower than the cost of most traditional advisors and includes all investment management and advisory services.
- High-yield cash account: Clients earn 3.09% APY on cash balances, significantly higher than typical savings accounts.
- Tax-efficient spending: Their debit card system optimizes withdrawals for tax efficiency across different account types.
Cons
- No in-person meetings: All interactions happen via phone, video, or email, which may not suit seniors who prefer face-to-face consultations.
- Account minimums: While Retirable serves “everyday Americans,” you need sufficient assets to make the 1% fee worthwhile compared to lower-cost alternatives.
- Limited investment customization: Clients can’t choose specific stocks or funds, though they can discuss allocation preferences with their advisor.
Did You Know: According to a Kitces report, financial advisors, on average, will charge a 1% commission on assets under management.2
How Retirable Works
Initial Consultation and Planning
Retirable’s process begins with a comprehensive review conducted by your dedicated advisor. During our initial consultation, the advisor spent over an hour reviewing our current savings, Social Security projections, healthcare considerations, and retirement goals. Unlike brief questionnaires used by robo-advisors, this conversation covered nuanced topics like when to claim Social Security benefits and how to factor in potential long-term care costs.
The advisor also discussed broader retirement planning topics that go beyond investments, including power of attorney documentation and will updates, areas that traditional investment platforms rarely address.
FYI: A Caring.com study found that 67% of adults don’t have an estate plan in place.3 Without this type of plan (usually through a living will or trust), it can be very complicated to ensure your loved ones will receive what you’d like from your assets.
Dynamic Plan Development
Within four days of our initial call, our Retirable advisor presented a comprehensive retirement plan that went far beyond simple asset allocation. The plan included a detailed withdrawal strategy using their “bucket” approach, which allocates investments across three categories: immediate cash needs, medium-term stability investments, and long-term growth assets.
What impressed us most was how the advisor explained potential scenarios (like market downturns or unexpected healthcare expenses) and showed how the plan would adapt. This dynamic approach contrasts sharply with the static 4% withdrawal rule that many retirees follow,4 which doesn’t account for changing market conditions or personal circumstances.
Account Setup and Ongoing Management
Once we approved the plan, Retirable guided us through consolidating existing retirement accounts into their IRA structure. The process was more streamlined than we expected—our advisor handled most of the paperwork and coordinated with our previous providers to minimize hassle.
The monthly “paycheck” system became central to our experience. Rather than wondering how much we could safely withdraw each month, Retirable automatically calculated and deposited our allocation based on our plan and current market conditions. When we wanted to make a larger withdrawal for a home renovation, our advisor quickly modeled how this would affect our long-term plan and adjusted future payments accordingly.
Retirable vs. Traditional Financial Advisors
Compared to traditional advisory firms, Retirable offers similar personalized service at a significantly lower cost. Most traditional advisors charge 1-2% annually without fee caps, meaning clients with $1 million in assets might pay $10,000-$20,000 per year. Retirable’s $5,000 cap means those same clients save $5,000-$15,000 annually while receiving comparable service.
However, traditional advisors often provide more extensive services like comprehensive estate planning, insurance reviews, and in-person meetings. Our advisor was knowledgeable about guardianship and estate planning basics, but clients with complex estates might still need specialized legal counsel.
Pro Tip: If you’re looking to create a will, trust, or other type of estate plan, check out our comprehensive overview of Elder Law.
Retirable vs. Robo-Advisors
Robo-advisors like Betterment and Wealthfront typically charge 0.25-0.50% annually but provide minimal human interaction. During our testing, we found Retirable’s human advisors invaluable for retirement-specific decisions that algorithms can’t handle effectively.
For example, if a family health issue arose that might require us to become a caregiver, our Retirable advisor would help us understand the financial implications and adjust our plan accordingly, helping us to find out if our state pays family caregivers, among other concerns. A robo-advisor would have continued following its predetermined algorithm without considering these life changes.
Retirable vs. Retirement-Focused Competitors
Services like Personal Capital (now Empower) and Edelman Financial Engines also focus on retirement planning, but their approaches differ significantly. Personal Capital primarily serves high-net-worth clients with minimums starting around $100,000, while Edelman targets employer-sponsored plans.
Retirable’s strength lies in its dedicated advisor model and retirement-specific features like the paycheck system. During our comparison testing, we found that competing services often treated retirement planning as an extension of general wealth management, while Retirable built its entire platform around the unique challenges of retirement income planning.
Did You Know: Planning long-term care is an essential part of retirement planning. To get started, take our free long-term care planning quiz.
Retirable's Investment Strategy
Retirable uses a “bucket” strategy that allocates investments based on when you’ll need the money:
- Bucket 1 (Cash): Conservative investments for immediate spending needs, protecting against short-term market volatility. Our cash bucket maintained a stable value even during market fluctuations, providing peace of mind for monthly expenses.
- Bucket two (Stability): Medium-risk investments focused on steady growth and inflation protection. This bucket includes bond funds and conservative equity positions designed to provide consistent returns over 3-7 year periods.
- Bucket 3 (Growth): Long-term investments for money you won’t need for 7+ years. Despite being in retirement, our advisor explained why maintaining some growth investments helps ensure our money lasts throughout a potentially 30-year retirement.
This approach differs from age-based target-date funds that many retirees use, which often become overly conservative and may not generate enough growth to maintain purchasing power over long retirements.
Retirable Costs and Fees
Retirable charges 1% of assets under management annually, with a maximum fee of $5,000 regardless of account size. This fee structure provides significant advantages over traditional advisory services:
- Accounts under $500,000: Pay exactly 1% annually.
- Accounts over $500,000: Effective fee rate decreases as assets increase, capping at $5,000 for accounts over $500,000.
For comparison, traditional financial advisors typically charge 1-2% without caps. A client with $750,000 would pay $7,500-$15,000 annually elsewhere versus Retirable’s $5,000 maximum.
The fee includes all advisory services, investment management, rebalancing, tax-loss harvesting, and access to the high-yield cash account. There are no hidden fees, trading costs, or commissions on recommended products.
Who Should Consider Retirable
Based on our testing, Retirable would work best for:
- Pre-retirees and new retirees who want professional guidance but don’t have the $1+ million typically required by many advisory firms. The service particularly benefits people navigating the transition from saving to spending in retirement.
- DIY investors seeking validation who have managed their own investments but want professional oversight during retirement. Our advisor provided valuable perspective on withdrawal strategies that we hadn’t fully considered.
- People with multiple retirement accounts who want consolidated management and streamlined income planning. Retirable’s ability to coordinate across different account types and optimize withdrawals for tax efficiency proved valuable for clients with 401(k)s, IRAs, and taxable accounts.
- Those planning for retirement communities who need to understand how housing changes might affect their financial plan. Our advisor was knowledgeable about retirement communities and helped us model different scenarios.
- Low- to moderate-income retirees who may qualify for Medicare’s Extra Help program. While Retirable doesn’t offer direct enrollment support, advisors can help assess prescription drug costs and encourage beneficiaries to explore eligibility for programs that reduce Medicare Part D expenses.
Medicare Tip for Pre-Retirees: Your Retirable advisor can help project your Medicare premiums and out-of-pocket healthcare costs in retirement based on income and timing. Planning early helps avoid late enrollment penalties and ensures you budget correctly for essential medical expenses.
Bottom Line
Retirable successfully bridges the gap between do-it-yourself retirement planning and expensive traditional advisory services. The combination of dedicated fiduciary advisors, dynamic income planning, and transparent pricing makes professional retirement guidance accessible to middle-class Americans who previously couldn’t afford comprehensive financial planning.
Our months of testing revealed that Retirable’s greatest strength lies in its retirement-specific focus. Rather than treating retirement as just another life phase, their advisors understand the unique challenges of transitioning from accumulation to decumulation, managing sequence-of-returns risk, and coordinating multiple income sources.
The 1% fee may seem high compared to robo-advisors, but it’s competitive with traditional advisors while providing more retirement-specific expertise. For seniors who value human guidance during one of life’s most important financial transitions, Retirable offers compelling value.
However, seniors who prefer in-person relationships or have complex estate planning needs might still benefit from traditional advisory relationships, despite the higher costs.
Frequently Asked Questions
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How does Retirable's fee compare to traditional advisors?
Retirable charges 1% annually (capped at $5,000), while traditional advisors typically charge 1-2% without caps. This means significant savings for clients with larger account balances—someone with $750,000 saves $2,500-$10,000 annually versus traditional advisory fees.
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Can I access my money if I need it for emergencies?
Yes, you maintain full control of your accounts. Retirable provides debit card access and can process additional withdrawals within 1-2 business days. Your advisor will help you understand the implications of larger withdrawals on your long-term plan.
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What happens if Retirable goes out of business?
Your accounts are held at Altruist, a qualified custodian, in your name. If Retirable ceased operations, you would retain full access to your funds and could transfer them to another provider without penalty.
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Does Retirable help with Social Security and Medicare decisions?
Yes, their advisors are trained in retirement-specific topics, including Social Security optimization, Medicare planning, and healthcare cost projections. Advisors can help you estimate Medicare premiums, understand enrollment timing, and compare projected healthcare expenses in retirement.
However, for complex medical needs or specialized care planning —you may benefit from consulting a licensed Medicare expert in addition to Retirable’s guidance.
Methodology
Our evaluation of Retirable involved a comprehensive six-month testing period. Our team worked directly with Retirable advisors to understand their service quality, investment approach, and retirement planning expertise. We evaluated the platform across several key criteria:
- Advisory Quality: We assessed advisor responsiveness, expertise in retirement-specific topics, and ability to provide personalized guidance beyond generic investment advice.
- Technology Platform: We tested the mobile app, online dashboard, spending tracking tools, and debit card functionality across multiple scenarios.
- Investment Performance: We analyzed their bucket strategy, fund selections, expense ratios, and tax efficiency compared to DIY and competitor approaches.
- Cost Value: We compared Retirable’s fee structure against traditional advisors, robo-advisors, and self-directed investing to determine relative value.
- Customer Service: We evaluated response times, problem resolution, and overall client experience through multiple interactions with their support team.
- Retirement-Specific Features: We tested unique offerings like the paycheck system, Social Security guidance, and healthcare planning integration that distinguish retirement-focused services from general investment platforms.
Our methodology emphasizes real-world usability and value for seniors navigating retirement planning decisions, rather than purely theoretical comparisons.
