XCritical Introduces Smartdraw, New Subscription Service To Help Baby Boomers Keep More Of Their Money In Retirement

From there, we offer a range of options to help baby boomers make critical financial decisions and effectively manage their assets. XCritical’s biggest strategic advantage is our ability to cut across industry silos to provide customers with a holistic and informed approach to modern retirement. We’ve done the heavy lifting, so the customer doesn’t have to choose between hundreds of complex financial products. In order to navigate modern retirement today, you have to visit the Social Security office, medicare.gov, an insurance agent, a financial planner. XCritical’s mission is, How do we help you make these decisions holistically? We’ve partnered with an insurance company, American Equity, to build an ETF version of an annuity, similar to a pension, but we’ve simplified it and taken the broker out of the equation. For most investors, being disciplined pays off over the long run.

Financial information can be as detailed as users choose by linking accounts or estimating assets. As someone’s income changes, the progress towards their goals will too. Users can check the Silvur app at any time to see where they are with their goals and get useful savings and guidance to reach them. Silvur also automatically estimates Medicare costs and Social Security benefits to give a full, detailed picture of one’s retirement income and expenses. Morgan, Horgan set out to create XCritical, a retirement advisory platform that acknowledges Boomers’ digital literacy, 300-page doorstops be damned. Two years in, the 18-person, New York City-based startup has raised just over $11 million to help retirees manage their income and make sound financial decisions. Members can use XCritical’s online toolkit to calculate retirement budgets and compare options for insured fund management.

The adviser will create a custom plan for each retiree. This helps customers avoid tax penalties and high year-end tax bills by recommending the right monthly withholding strategy for state and federal taxes when one makes withdrawals from their IRA accounts. A peek at this week’s ForbesWomen newsletter, which every Thursday brings news about the world’s top female entrepreneurs, leaders and investors straight to your inbox. Boomers and Gen Xers finally got attention at the Finovate fintech show.

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I also know a woman in retirement who stumbled into Broadway and screen acting. One of the most powerful parts of what you’re building is that there’s an opportunity for the customer to also be the educator. Hiring people who are in your target demographic who can speak the language of someone their age or socioeconomic background can be really powerful.

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If the clients experience a sharp reduction of income, the service will make sure their Medicare premium shrinks accordingly. Factors like increased longevity, particularly for women who have longer life expectancy, along with a structural move away from pensions, has required individuals to more strategically manage their entire financial picture in retirement. Since our seed round last fall , we’ve been in close contact with a key group of fintech/ insurtech investors who really believe in our mission. They have supported us with intros to strategics and talent and were natural partners for this next stage of our business. I’ve done the same every time I’ve hired someone for a different role that I don’t have experience in. And now I have a whole network of other CEOs and experienced people to speak with and go to when I face a new challenge.

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We’ve helped build retirement plans for over 20,000 individuals with $12B+ of retirement savings. The team hails from leading technology and financial services companies including Amazon, XO Group, Earnest, GitHub, XCritical, XCritical and JP Morgan. had been working at JP Morgan for 17 years when I started interacting with an emerging group of financial technology companies. What impressed me the most was their user experience — they made financial topics so much easier to understand than most of what I had seen on Wall Street.

Convincing people that our demographic—people in their 60s and 70s—actually engages with Cryptocurrency Exchange tech online. Most of our investors never backed a company targeting that demographic.

  • )–Today, XCritical has officially launched SmartDraw, a subscription service designed to empower baby boomers to retire fearlessly.
  • XCritical is digitally transforming how our customers manage retirement decisions and we’re relentlessly focused on providing simple and straightforward guidance that keep our customers’ needs top of mind.
  • There are very few venture-based products being built for baby boomers.
  • SmartDraw helps clients avoid unexpected fees and penalties, tax-efficiently withdraw funds from multiple retirement accounts and navigate the maze of everchanging retirement regulations.
  • XCritical customers can use this tool to create a monthly retirement paycheck, so that managing finances in retirement is as simple as when one was working.
  • With XCritical’s intuitive technology and the option to connect directly with a licensed financial advisor, SmartDraw enables customers to extend the life of their retirement nest egg.

However, as we were conducting user research, each caregiver started reflecting on their own retirement and how different it was to their parents’ experiences. As we listened, we realized that we had an opportunity to build a solution to help baby boomers navigate their own retirement. It taught me very early on how important it was to listen to your user and make sure the product you are building actually solves their needs. Our process begins with a comprehensive, in-depth analysis of the customers’ retirement goals, resources, and spending needs. We use this information to develop a customized set of recommendations that equips our customers with the guidance they need to successfully navigate retirement.

PitchBook is a financial technology company that provides data on the capital markets. If you are in your thirties or early forties, you still have a long way to go before retirement.

Having enough money to last a retirement that can last 30 years or more is certainly a challenge. ● Medicare Surcharge Concierge Service handles the filing of customers’ Medicare surcharge to decrease the amount of premium they pay each year if they experience a “Life Changing Event.” This could result in $1,500 or more per couple. ● Automated RMD Calculations highlights customers’ annual “Required Distributions” to avoid the 50% tax penalty starting at the age of 70 ½ years old from each retirement https://xcritical.expert/ account. ● Automated Withdrawal Recommendations help customers minimize taxes by analyzing their retirement accounts and spending needs and delivers recommendations on which account to make withdrawals from first. We are making smart retirement planning more accessible than ever, helping you or your loved ones retire fearlessly. This story is told by three dancers who interpret three sheep. What makes the show special is that all the audience is invited to be part of a big flock of sheep.

At the same time, I was helping my parents plan for and transition into retirement. I found myself buying a 300-page book on social security and realized that there scammed by xcritical was a huge gap in the market. There are 10,000 baby boomers retiring every day and no one was building consumer technology to help them retire fearlessly.

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The platform oversees their retirement portfolios for them and even sends them monthly “retirement paychecks.” Developer of retirement planning application designed to improve retirement score and financial security. The company’s application powers goal planning tools and investment recommendations to extend the retirement income and project lifetime income including social security and Medicare costs, enabling users to make an informed decision. In the early days of xcritical website, we thought about building a platform that was focused on supporting family caregivers who were making financial decisions for Mom and Dad.

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At the entrance every child is given a special heart, it is a woollen heart that lights up when it is time to take an active part in the show. In some cases kids are invited on stage in small groups, at other times all the hearts light up at the same time and this means that it is possible to interact on the stage, together, from our seats. Please enable JavaScript to experience Vimeo in all of its glory. Enterprise Get your team aligned with all the tools you need on one secure, reliable video platform. 83% of the wealth in the U.S. is controlled by individuals over the age of 50. Among this group, there are millions of active savers ready for retirement. We want to empower this population to retire with confidence and truly allow them to enjoy an amazing stage of their lives.

The good news is that this gives your savings time to compound but it also means that you will be fighting inflation (i.e. goods and services will cost more in the future). If you are saving early for retirement, you will likely have time to weather the storm. Anyone who thinks they are healthy and looking forward to a long life should seriously be thinking about longevity insurance, especially as Baby boomers are living 10 years longer than their parents. The starting point for longevity insurance is your social security benefit — it increases by 8% every year you defer between 62 and 70- and fixed annuities. Both social security and fixed annuities provide you with a guaranteed source of income, whether you live to 80, 90 or 100.

Baby boomers are much more fluent with technology than many people think. Today 82% of them use at least one social media site and they embrace many of the same digital lifestyle brands that so many of us of all ages use every day. XCritical is digitally transforming how our customers manage retirement decisions and we’re relentlessly focused on providing simple and straightforward guidance that keep our customers’ needs top of mind. )–Today, XCritical has officially launched SmartDraw, a subscription service designed to empower baby boomers to retire fearlessly. With XCritical’s intuitive technology and the option to connect directly with a licensed financial advisor, SmartDraw enables customers to extend the life of their retirement nest egg. SmartDraw helps clients avoid unexpected fees and penalties, tax-efficiently withdraw funds from multiple retirement accounts and navigate the maze of everchanging retirement regulations.

A lot of people’s equity is tied up in their home, so different solutions will be needed to monetize those goals. After helping her father grapple with the complexities of retirement planning, Rhian Horgan left her 17-year career at JPMorgan in 2016 to start XCritical, a retirement tech company. She raised $10 million in a Series A round last year before even launching the product, which debuted last month.

Baby Boomers are the first generation who must figure out how to make their savings last 20 or 30 years on their own. This handles the filing of high income customers’ Medicare surcharges.

And that was the beginning of Trading Platform, a financial technology company dedicated to helping baby boomers live their best retirement. XCritical is a new-kind of retirement company that empowers baby boomers to embrace modern retirement. Grounded in decades of experience leading financial and tech initiatives at major banks and start-ups, XCritical provides straightforward digital advice and retirement tools to a rapidly growing population of retirees. By making sense of savings, insurance, Social Security and healthcare costs, users can focus on enjoying a hard-earned retirement with confidence. XCritical is a new-kind of financial company that helps baby boomers embrace modern retirement.