SAN FRANCISCO, March 15, 2016 /PRNewswire/ -- aboutLife, a San Francisco startup that provides free personal financial planning tools, is disrupting high-cost retirement planning with an innovative, easy-to-use service powered by the industry's first big-data-driven recommendation engine combined with advisor partnerships.
aboutLife builds on the success of its retirement planning tools, and introduces the world's first retirement age predictor that mines publicly available data from the U.S. Census, U.S. Federal Reserve and the Bureau of Labor & Statistics to accurately estimate when individuals can afford to retire, followed by a set of recommendations on how to retire earlier, richer, or both.
At current economic conditions, trends in longevity, savings rate and limited availability of pensions, it's estimated that the average American can only afford to fully retire at age 75. aboutLife's patent-pending technology includes a powerful recommendation engine that identifies opportunities to close the gap in customers' retirement needs, making it possible to retire 4-9 years earlier on average.
aboutLife also provides the option to connect with hand-picked certified financial advisors to answer questions about retirement planning, without the cost and commitment imposed by the traditional financial planning model. aboutLife's personalized financial models enable advisors to serve consumers more effectively by shortening the data-gathering step in the financial planning process.
"Most Americans don't have access to the tools and expert advice necessary to plan for a secure retirement," said Rajat Kongovi, Founder and CEO of aboutLife. "With our technology, they can get a clear picture of how and when they can retire, without the cumbersome requirement of becoming a client at a traditional financial advisory firm."
"At aboutLife, we have combined cutting-edge technology with financial advisors to enhance the retirement planning experience for both the consumer and the advisor. By creating a robust financial profile for each customer before they interact with the advisor, we have eliminated the barriers to establish that relationship," said Rob Garcia, VP of Product at aboutLife. "I'm excited to make this service available to millions of Americans who haven't had access to a combination of tools and financial planners, and truly make a difference in their retirement."
The aboutLife service is essential for everyone. Research shows that people who have a financial plan are twice as likely to reach their financial goals. Yet, only 14% of Americans report having a retirement plan. For Baby Boomers, who are retiring at a rate of 10,000 a day, the need for an effective strategy is especially urgent. Too many, however, don't know where to start or can't find the information they need. With aboutLife, they can make realistic choices using tools that are simple and objective, combined with the services of trusted financial advisors.
aboutLife helps people prepare for retirement and other important milestones. Beyond its retirement age predictor, the company offers a suite of tools that include Budgeting, Social Security optimization, Cost of Living and Relocation, Working in Retirement, Insurance, 401ks, combined with advice from certified financial planners.