United Income: Financial Empowerment for Seniors
US fintech start-up United Income has created a digital financial advice platform to help retirees or people approaching retirement spend their money more effectively. The platform offers holistic financial planning and investment management, and is able to create personalised spending projections in order to offer recommendations accordingly.
"Thanks to advancements in healthcare, people are living longer and are retired longer – but the market has struggled to find a way to extend the life of money as effectively," said Matt Fellowes, founder and CEO of United Income. "By harnessing powerful new technology and a growing body of data and academic work, we have been able to invent a new approach to money management that aims to extend the life of money."
Already attracting $200m during its beta stage, the service has a 0.5% annual fee for self-service financial planning, which includes investment advice, budgeting and spending features, and guidance on when to retire and claim Social Security. Another standout feature determines which account to withdraw money from for tax efficiency.
A concierge service curates opportunities for users to pursue their hobbies, passions and dreams, such as voluntary work or adventure trips. This function in particular will appeal to seniors' more active approach to ageing – see Senior Fitness: Channelling Wellness for more.
For further information on the products and services disrupting the financial landscape and empowering consumers to manage their money better, see Flash Finance.