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Show HN: I built a tool to uncover hidden fees and track your 401(k). Feedback (getretire.com)
6 points by retyler 3 days ago | hide | past | web | favorite | 2 comments

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.

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!

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