It’s easy to forget about retirement accounts in today’s fast-paced workplace. A lack of financial institution transparency, job changes, and life transitions all contribute to the unintentional loss of thousands of dollars by many individuals. Beagle, a financial concierge service whose goal is to assist Americans in taking control of their retirement funds, steps in.
This article looks at what Beagle is, how it works, and why it’s becoming more popular among workers in the United States who want to get the most out of their 401(k) savings.
What’s a Beagle?
Beagle is a digital platform based in the United States that helps people rollover money into better retirement plans, find hidden fees, and locate old 401(k) accounts. It functions as both a detective and a supporter all rolled into one.
Beagle assists users in the following ways, and it was founded on the belief that managing your financial future shouldn’t be difficult or costly.
Find 401(k) accounts from previous employers that have been lost or forgotten.
Learn about and reduce excessive costs.
Transfer funds into new plans with better benefits or IRAs.
Why 401(k) Plans Are Neglected
According to the Department of Labor, American workers who change jobs leave behind over $1.35 trillion in retirement savings. There is a possibility that your previous employer’s 401(k) plan goes unnoticed whenever you switch jobs.
The majority of people either don’t know how to roll over their 401(k) or forget to take it with them. Others believe that the effort is not worth it, particularly if the balance is small. However, the fees that drain those forgotten accounts can add up over time as well.
Beagle’s Essential Services
Beagle makes managing a 401(k) easier for the average person in the following ways:
401(k) Tracking and Recovery
Beagle uses your employment history and some basic personal data to search a national database of retirement plans. Similar to a treasure hunt, but with money.
Even if you no longer have contact with the employer or HR department, Beagle can assist you in accessing the account details once they locate your previous 401(k)s.
Transparency in fees
There are a lot of hidden management and investment fees in many retirement accounts that eat into your savings. The fee analysis tool in Beagle reveals these costs, assisting you in comprehending where your money is going.
Making better financial decisions begins with knowing your fees. By retirement, even a 1% fee difference could cost you tens of thousands.
Simple Rollover Assistance
Beagle offers rollover assistance, which involves transferring funds into a new plan or Individual Retirement Account (IRA), following the identification of previous 401(k)s and evaluation of fees. Not only does this consolidate your savings, but it also enables you to acquire more cost-effective investment options.
Who ought to use a Beagle?
Beagle is ideal for anyone who has experienced at least one job change and is uncertain about their retirement plan’s status. Particularly useful if:
- Over the past ten years, you have worked for various businesses.
- You may have an old 401(k) somewhere, you think.
- You want to learn about or cut down on the costs of your current plan.
- You want to consolidate your retirement savings because you intend to retire.
- Beagle can make managing your financial future easier, even if you’re young and just starting out in your career.
What does a Beagle cost?
Beagle provides services both for free and for money. You can begin by conducting a free search for previous 401(k) accounts. There may be additional fees if you use their premium services, like full rollover assistance or fee analysis.
Users have the option of selecting the services they require, and pricing is clear. Recovered account savings and reduced fees frequently outweigh the expense.
How safe is Beagle?
Beagle places a high priority on safety. Secure data handling practices and bank-level encryption are utilized by the platform. Beagle does not sell or misuse your data, but you will be required to provide personal information in order to assist in finding your accounts.
Beagle has earned the trust of thousands of users who have discovered tens of thousands of forgotten retirement savings.
An Example from Real Life: Meet Sarah
Let’s say Sarah spent ten years working for four distinct businesses. She recalls enrolling in at least two 401(k) plans, but she is unaware of their current locations.
Sarah used Beagle to locate three old accounts, one of which contained over $14,000. She also found that one plan had annual fees of 1.8%, which was more than twice the national average.
Sarah transferred the accounts into a new IRA with better investment options and lower fees with Beagle’s assistance. Her retirement savings are now all consolidated and growing at a faster rate.
Final Thoughts
Beagle is altering the way people plan for retirement. Anyone looking to find, manage, and safeguard their 401(k) savings can take advantage of this cost-effective, tech-savvy solution.
There is a good chance that you aren’t using the money you’ve already earned, regardless of how many jobs you’ve had. Beagle enables you to regain control and make better plans for your retirement with just a few clicks.
