Penelope

As people live longer and social security becomes more uncertain, millions of Americans face the risk of outliving their savings. The shift from defined benefit to defined contribution plans such as 401(k)s hasn't created security in retirement, in part due to underutilization and in part due to outdated approaches to asset allocation. The good news is that technology is enabling greater access, enhanced product diversification, and the ability to design portfolios with specific outcomes. From the inception of Altari Ventures, I saw a significant opportunity for enterprise fintechs to address the 401(k) asset allocation challenge and expand access to retirement plans for underserved employee segments. I’ve shared my thoughts on this topic in the below article for InvestmentNews. With over $7 trillion in 401(k) assets and growing, this market has attracted a diverse crop of startups at all industry layers, making retirement exciting for early stage fintech investors. I am seeing several facets of this theme play out firsthand in the Altari portfolio, with Trevor Gary and Micruity, Kelby Meyers, CPFA®, AIF and Nestimate, and Jean Smart and Penelope. These companies are building the infrastructure needed to improve access to lifetime income and sufficient assets for retirees. https://lnkd.in/eJkcGsq3 #fintech #enterprisefintech #retirement #retirementincome #startups #vc #venturecapital #assetallocation

As Penelope founder Jean Smart always says: The best time to start saving for retirement was yesterday. The next best time is today. Don't worry if you didn't start saving early. Just start saving now.

We want to see your business thrive, which is why Luminary partners with Penelope to make your 401(k) setup as simple as possible. Included as a built-in benefit for all Annual Luminary Memberships, you can get prepared for your retirement in as little as 15 minutes and receive benefits such as:⁠ ⁠ ✨️ Customizable plan design⁠ ✨️ Dedicated support⁠ ✨️ Intuitive dashboard⁠ ✨️ Plus more!⁠ ⁠ Learn more about what our partnership with Penelope could do for your business plus how to take advantage of this Luminary Membership Benefit: https://lnkd.in/eDM-iYta

What should you do with your 401(k) when you retire: roll it over into an IRA or just leave it with your former employer. Olivia S Mitchell presents both the pros and cons in this really thoughtful and thorough story for The Wall Street Journal. Like most things money-related, it comes down to personal preference. But there are also some financial considerations. https://lnkd.in/e7w5F3as

A good reminder that today (and any time the market goes berserk) is NOT the day to make changes to your 401(k). When you're investing for retirement, you have to be in it for the long haul.

The U.S. workforce is increasingly diverse. Which means you can't just deliver a one-size-fits-all message when it comes to retirement plans. Here are some quick tips to effectively communicate the benefits of retirement plans to your employees: 📌 Use Clear and Inclusive Language. Avoid jargon and technical terms that might confuse employees. 📌 Provide Multi-Channel Communication Options. Send emails, hand out printed brochures, and host in-persona and virtual meetings. 📌 Segment Your Audience. Tailor content to address the specific needs and concerns of different employee segments, ensuring relevance and engagement. 📌 Offer Financial Education and Workshops. Don't assume everyone has the same level of financial literacy. 📌 Utilize Visual Aids and Infographics. This can make complex concepts easier to grasp. 📌 Encourage Feedback and Interaction. Host regular Q&A sessions where employees can ask questions and receive personalized responses. 📌 Leverage Employee Ambassadors. Identify and train employee ambassadors who can advocate for retirement benefits and share their positive experiences with colleagues. What has worked with your teams? (We have even more tips here: https://lnkd.in/eGgazEVa)

What are the 3 biggest mistakes you can make with your 401(k)? Financial journalist Diane Harris breaks them down for The New York Times: 1️⃣ Start saving too little, too late. 2️⃣ Failing to take full advantage of your 401(k). (Max your match, people!) 3️⃣ Borrowing from your 401(k) before retirement. Saving for the future with a 401(k) is SO simple, but you do have to avoid these missteps. Do you have any 401(k) regrets? #401k #retirementplans #mistakes https://lnkd.in/euBgjETZ

Penelope CEO Jean Smart will be joining Navia Benefit Solutions, Inc.'s CFO Stefan Knipp for a webinar about California retirement mandates next Thursday, August 1. Join us!

Employers can make discretionary contributions to their employees' 401(k) plans just about any time. An easy way to boost your chance at being Boss of the Year. 😎 Just saying. Learn more here: https://lnkd.in/eSgfMcHM

Congrats to Penelope client Anonybit on this awesome opportunity!👏 👏 👏