
Show HN: I built a tool to uncover hidden fees and track your 401(k). Feedback - retyler
https://www.getretire.com/
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massung
This seems pretty cool. Great website, too. A couple comments that prevent me
from signing up...

First, my retirement funds are things I'm _very_ protective over. Aside from a
blurb saying "We use a third party service with bank-level encryption to
connect your accounts," I don't have any reason to trust this site. What's the
3rd party? Can you link to them? Why should I trust you _and_ them? The idea
of giving your site access to my bank accounts is... scary to say the least.
You need something on the landing page to walk-through how this wouldn't allow
someone at your company to somehow empty my accounts. ;-)

Second, the site seems to imply knowledge of actions possible that aren't
obvious. For example, my employer sets up a 401K through an investment firm
(like Fidelity). I have no choice in that. Likewise, Fidelity charges a set
rate, of which there's nothing I can do. My choice is to either participate or
not. Unless the site is potentially looking into extra charges (by fund?) that
I can switch, or multiple 401K accounts from past jobs that I can roll-over or
do something else with, I'm not sure what this service offers besides telling
me what I already know?

Assuming there is plenty of choices I do have control over (re: second
comment), it would be nice to enumerate what some of those would be on the
landing page or even put together a little animated video describing the
problem, what options an employee may not know they have available to them,
how the site (read-only, and hopefully not saving anything) collects
information about the accounts, and can present me with information and
options that "with a click of a button" can save me money.

Great idea! Hope these comments help.

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retyler
Hi Massung,

Thanks for the feedback!

On the security question, we use Plaid, which a bunch of popular fintech
services use to connect to a user's financial institution. For example, if you
use Venmo, you are using Plaid in the process. We went back and forth on
mentioning Plaid, since most people don't know that company, but still worth
mentioning. Going to add a call out and link on our "About" page. Thanks for
the suggestion.

The goal for Retire is to do everything you referenced (although some of that
isn't supported today - helping people with rollovers, optimizing within your
existing 401(k), moving money into an IRA if you've already hit your match
with your current employer. You are right that there are limitations with what
your employer/plan provider allows, but there is a lot we are thinking about
to get people to save more money (increasing their contribution amount to try
and hit annual contribution limit).

Today, we built the dashboard to track your information and see everything in
one place. Where we are going is to help employees take some of the actions
you mentioned, but it will take time to build some of that functionality.

Thanks so much for the comments. Helpful to hear your thinking!

