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Reviews of Empower Retirement (A Detailed Guide)

Saving for retirement is one thing that everybody must be doing. There’s actually no higher strategy to plan for your future than to put aside some cash each month.

On a similar time, retirement saving is usually a complicated matter. Which investments do you select? How a lot do you want? And what firm do you have to select to manage your retirement plan?

There are a whole bunch of corporations that you need to use to start out retirement accounts and save on your future. Nevertheless, in the event, you’re like most people, your most important possibility might be no matter what firm your employer has contracted with. Most corporations select a financial establishment or brokerage to supply funding accounts for their workers.

One of many largest of those establishments is known as Empower Retirement. In case you’re on the lookout for Empower Retirement opinions, or simply extra info on this firm, you’ve come to the fitting place.

What is Empower Retirement?

Empower Retirement is a financial company’s supplier and document keeper. They’re one of many largest retirement plan corporations within the US, with greater than 9.4 million particular person members and 40,000 organizations.

Empower Retirement contracts with massive companies, state- and municipal-run advantages suppliers, and extra. Though you possibly can join a person plan from Empower Retirement, the vast majority of plan members might be workers or considered one of their company or governmental shoppers.

As a retirement plan document keeper, Empower Retirement handles the behind-the-scenes of retirement plan administration.

This consists of establishing every particular person and firm retirement plan, submitting paperwork with the IRS and state income departments, and offering entry to funding merchandise like mutual funds and investment-grade bonds.

Empower Retirement Reviews

In case your employer contracts with Empower Retirement, or in the event you’re wanting into suppliers on your personal particular person plan, you might be questioning Empower Retirement opinions. How do folks are likely to charge the corporate?

In total, Empower Retirement opinions aren’t nice. Many shoppers complain of excessive charges, poor customer service, and different points with the corporate.

On Yelp, the corporate has scored 1.5 out of 5 stars, with over 200 opinions.

Empower Retirement’s mother or father firm, Nice-West Monetary, has an A+ score with the Higher Enterprise Bureau. Nevertheless, the corporate has 51 BBB complaints filed and has an assessment rating of 1/5 from user-submitted BBB opinions.

Professionals and Cons of Empower Retirement

We analyzed Empower Retirement opinions to find out what are a few of the most important benefits and drawbacks of this service supplier.


  • A reputable firm trusted by 40,000+ organizations
  • Offers instruments to make a personalized retirement plan
  • Entry to 130+ mutual funds for funding
  • Skill to roll over current plans from previous employers
  • Presents a variety of retirement accounts, in addition to Well being Financial savings Accounts (HSAs)
  • Presents each conventional and ROTH accounts


  • Asset-based charges cost you yearly primarily based on the worth of your investments
  • That is along with administration charges on all mutual funds obtainable from Empower Retirement
  • Empower Retirement expenses a wide range of different charges, together with switch charges, withdrawal charges, and extra
  • Many customers report sluggish payouts and lacking checks
  • Many reports that Empower’s customer service is sluggish or missing
  • Many reports that it’s tough to precisely monitor funding efficiency
Retirement Plan write on the book

Empower Retirement for Workers

If you’re a worker of an organization that contracts with Empower Retirement, you’re probably already taking part in a retirement plan by means of Empower. If that is so, right here’s what we’d suggest doing:

First, familiarize yourself with all the things Empower Retirement has to supply. The default funds that you’re invested in might not be your best choice. There are around 130 mutual funds that you may select from, every of which expenses various charges and tracks totally different funding lessons.

Second, choose investments that fit your objectives. If want, Empower Retirement presents funding session companies that will help you select – though some opinions complain about this non-compulsory service.

Third, in case you are sad with what Empower presents, converse along with your firm’s Human Sources division. It’s potential that you simply might be able to switch your retirement account to a different supplier.

Empower Retirement for People

If you’re a person trying to arrange your individual retirement fund (outdoors of your employer’s providing), you will have many decisions. Typically, you probably have higher choices than Empower Retirement.

In case you’d like a supplier with low charges and extensive funding alternatives, we suggest choosing one of many huge brokerage corporations:

  • Constancy Investments
  • Vanguard
  • Charles Schwab
  • E-Commerce

These massive corporations are identified for providing the widest variety of funding merchandise. Most don’t cost administration or set-up charges (though most funding funds will cost some kind of fee). Some suppliers, similar to Constancy, now even provide zero-fee ETFs and mutual funds.

Closing Ideas

As you possibly can see, Empower Retirement opinions aren’t nice in total. Most customers who’ve taken the time to submit an assessment have complained about the service. When you’ve got the selection, you’re probably higher off going with one other supplier.

With that stated, Empower Retirement is a reputable firm with hundreds of high-profile institutional shoppers. It’s definitely not a rip-off – it’s simply that their charges and better than some rivals.

What do you concentrate on Empower Retirement? Tell us your feedback!

Reviews of Empower Retirement (A Detailed Guide)

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