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The money moves you make today shape your future. Most of us already know that this is true, but we’re not always sure what to do about it. In a world that makes it challenging to anticipate the next few years or months or even weeks, long-term planning can be difficult. But Blooom is here to change all that. Check out this Blooom review to see how this platform will get your retirement account to work smarter on your behalf. 

What is Blooom?

Blooom is a tool designed to help every American optimize their 401K and other retirement plans. While some people believe that kind of money management is only for the truly wealthy, Blooom is determined to help everyone with their retirement. 

Blooom is comprised of a group of financial experts who use technology to analyze your current 401k plan and make it better. No matter how much money you currently have put away for retirement, Blooom can help you better understand your current choices, as well as recommend ways to optimize your decisions. 


What Does Blooom Do?

Blooom is a robo-advisor with a focus specifically on retirement accounts. That means that Blooom uses smart technology to make the most of your retirement plan. It works with your existing plan to help you choose the portfolio that best aligns with your goals. Blooom assists with every part of the investing process: from investment selections and reducing hidden investment fees to suspicious activity alerts and rebalancing. Clients can also get market guidance with a few easy clicks and even ask a financial advisor for insight.


Who is Blooom For?

There is no minimum balance to creating an account with Blooom. In fact, Blooom is designed to allow anyone to be able to save for retirement. Blooom may be the perfect option for you if you qualify for an employer-sponsored retirement plan and are looking for hands-off investment options. If you have an employer-sponsored 401(k), a 457, 403(b), 401(a), or a TSP, you can use Blooom; there is no partnership required between your employer and Blooom.

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How Blooom Works

Blooom works by analyzing the retirement plans you already have. There’s no complicated transfer paperwork that you have to wait for HR to process or any other complicated hoops for you to jump through. Instead, you simply select your current retirement plan provider and log into your account through Blooom’s site. 

Once Blooom has your account information, it performs a free analysis. The analysis will break down your investments into language that you can easily understand. Additionally, the analysis also identifies hidden investment fees. 

After the analysis, users can decide if they want to sign up for Blooom. Blooom will manage and monitor your account and perform rebalancing as needed. Whether a plan is discontinued through your workplace or your retirement goals change, Blooom makes sure that your portfolio is still the right mix for you. 


How Much Does Blooom Cost?

Blooom stands out here because they became the first robo-advisor to offer clients a flat monthly fee. Think of it as a Netflix subscription for your retirement accounts. Here’s how it works:

There is a monthly $10 account management fee, but your 401(k) analysis is free. The flat fee is reasonable considering the service it provides, and makes it different than other robo-advisors that charge a percentage of your investments. If you have multiple retirement accounts that Blooom is managing, you will pay an additional $7.50 per account. Blooom also offers a 10% discount for users who pay the fee annually instead of monthly. You are free to cancel at any time. 

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Is Blooom Safe?

Blooom takes security seriously. As advancements in online technology are made, Blooom makes sure that their security measures keep pace. They use 256-bit encryption. That’s tech talk for using a special link between a browser (that you and your computer) and a web server (that’s Blooom) that keeps your data private.

In short, Blooom knows you’re working hard to build your retirement nest egg. They are working to help you grow it and keep it protected.


What’s to Like About Blooom?

There are several things to like about Blooom. The ease of use has to be at the top of the list. Blooom wants you invest smarter. Their plan is not to make investing harder. As a result, they help you cut through complicated jargon and also uncover hidden investment fees. The best part? You can keep your money exactly where it is if that’s what works best for you. There’s no need to fill out complicated HR paperwork or convince your employer to partner with Blooom. They will analyze your existing accounts, and you can go from there.

Other highlights include:

  • Free initial analysis
  • No minimum balances
  • Easy-to-understand flat-fee structure
  • Ability to cancel at any time

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How does Blooom compare to Betterment?

Blooom and Betterment are both robo-advisors that use smart technology to manage your investments. However, there are several differences between the two companies. Betterment allows users to open a variety of investment accounts from retirement to savings. Blooom, on the other hand, is only for employer-sponsored retirement plans. Betterment charges between 0.15% and 0.25% account management fees whereas Blooom charges a flat-monthly fee. The final difference is that Blooom monitors your existing accounts whereas Betterment is an actual investment platform where you deposit money. 


Should You Try Blooom?

Of course you should try Blooom. You have so virtually nothing to lose and potentially a better retirement plan to gain. Truly. The only thing that giving Blooom a try costs is five minutes of your time for the free analysis. After that, you can take the information and implement it on your own. Or you can join Blooom for $10 a month. If Blooom doesn’t meet your needs, there’s no penalty to cancel and you can do so at any time. 


Final Thoughts on Blooom

Saving for retirement is anyone’s game. Contrary to the popular myth that only the wealthiest of earners have easy access to solid financial advice, you are a few clicks away from optimizing your retirement account. Not only will Blooom help you invest more strategically and avoid paying unnecessary fees, but they take a hands-on approach so you can be hands-off. It’s a win-win situation: you’re doing something that your future self will thank you for while freeing up more of your time and mental energy. 

Worry less about retirement with Blooom. If you are ready to give Blooom a try, start your free 401K analysis today with this link. You are five minutes away from a brighter retirement future. 

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