New NerdWallet Tools Empower Americans to Take Control of Their Retirement

"Today, working Americans are facing the prospect of retiring far later than previous generations," said Kyle Ramsay, head of investing and retirement for NerdWallet. "At NerdWallet, we want to empower consumers to take control of their futures by helping them make the best financial decisions. Our new retirement tools give our users a clear picture of where they stand today and guidance on how to improve, particularly by reducing fees that can drain their hard-earned retirement savings."

One of the biggest challenges facing Americans today is effectively managing 401(k) accounts. According to a study by ING Direct, 30% of Americans fail to roll over old 401(k)s into new retirement vehicles. The average American couple also pays about $155,000 in retirement fees over a lifetime, according to Demos.

With a new 401(k) Rollover Center — delivered in partnership with FeeX — users can now easily uncover hidden costs and fees, estimate potential savings from rolling over their 401(k)s and find new providers that may better suit their needs. 

To get started, users answer a few simple questions, such as former employer's name, the investment firm that holds the account and the type of investment funds in the account. Within minutes, FeeX analyzes the fees and delivers a cost comparison of the existing account and other investment alternatives. Consumers will be able to see how much they pay in annual fees and the potential savings amount depending on their retirement age, and roll their 401(k) to an investment alternative of their choice. The service is free to all users and does not require sensitive personal identifiers.

"NerdWallet is a leader in providing balanced and thoughtful personal finance advice. Combining their superb content with innovative technology from FeeX will further empower consumers in their fight against excessive fees," said David Goldman, director of Business Development at FeeX. "Our mission is to bring transparency to the retirement market and empower Americans to make smarter, data-driven investment decisions. We are excited to be partnering with NerdWallet, and we think this is another important step in our story to help Americans retire richer."

NerdWallet is also introducing its Retirement Calculator, which gives Americans a clear picture of their retirement savings, suggests next steps based on their needs and gives them access to expert advice through its Ask an Advisor platform. By answering a few simple questions — such as age, when they expect to retire, current income, retirement savings and contributions — users can see how they stand versus their retirement goals. Through an interactive interface, NerdWallet estimates how much someone should save monthly if they wish to comfortably retire at different target ages. Consumers will also be able to connect to NerdWallet's trusted community of advisors who can answer any questions related to retirement. The tool and access to experts are free.

About NerdWallet
NerdWallet offers consumers clarity for all of life's financial decisions. Whether it's credit cards, insurance, loans or investing, people lack the clear, unbiased information they need to make the best choice. With NerdWallet, consumers have free access to user-friendly tools and advice that save time and money, and give them the freedom to do more. NerdWallet is based in San Francisco and employs more than 300 Nerds. For more information, visit nerdwallet.com.

"NerdWallet" is a trademark of NerdWallet Inc. All rights reserved. Other names and trademarks used herein may be trademarks of their respective owners. 

About FeeX
FeeX is a service that finds and helps reduce fees within investment and retirement accounts like IRAs, brokerage accounts and more. Simply link investment accounts and FeeX's sophisticated algorithm uncovers advisory, investment and expense ratio fees and suggests alternative ways to save and reduce the cost of retirement. In 2015, Fast Company named FeeX No. 3 of the World's Top 10 Most Innovative Companies in Personal Finance. The company was founded in September 2012 by Yoav Zurel, David Weisz, Eyal Halahmi and Uri Levine — creator of Waze (which was acquired by Google in mid-2013). FeeX is a Registered Investment Advisor with the SEC. For more information, visit: www.FeeX.com.

Contact
Jessica Ayala
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(760) 705-8505

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SOURCE NerdWallet

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