Tackling A $5.5 Trillion Market, Betterment Enters The 401(k) World
By Jonathan Shieber
There’s a savings crisis in America.
Despite the $5.5 trillion Americans have invested in savings plans to prepare for their retirement, too few have still saved too little to make life comfortable in their later years.
The numbers speak for themselves, with roughly 30.9% of the population with no retirement savings or pension plan. For millennials, many of whom were late to the job market thanks to the financial crisis of 2008, those numbers are actually just above 50%.
Stepping into the breach is the automated wealth management service Betterment. The New York-based company is announcing a 401(k) retirement service, called Betterment for Business, aimed to make it easier for employers to establish, administrators to manage, and employees to monitor retirement savings plans, according to the company.