Among the many online and mobile savings platforms, the Acorns app is perhaps one that offers superior value for the Gen X user. Specifically, the company has an Acorns Later feature that allows individuals to open and manage an IRA account.
The Acorns app is based on the concept of saving and investing automatically. Its special Gen X-friendly feature allows individuals to personalize their experience and set recurring contributions, as well as set aside money when they can. To diversify its platform, the Acorns Later feature boasts three types of individual retirement accounts, including Roth IRAs, traditional IRAs, as well as SEP IRAs.
The retirement-friendly service is also quite affordable as individuals can pay only $2 per month until they reach a $1 million investment with the Acorns app.
Retirement-Friendly Financial Apps
The Acorns App Has an Acorns Later Feature for Seamless Savings
Trend Themes
1. Automated Savings - The trend of automated savings apps like Acorns presents an opportunity for businesses to develop innovative financial technologies that make it easier for individuals to save money for retirement.
2. Personalized Retirement Planning - The trend of personalized retirement planning apps like Acorns Later opens up opportunities for businesses to offer tailored financial solutions that cater to the unique needs of Gen X users.
3. Low-cost Retirement Services - The trend of low-cost retirement services, exemplified by Acorns app's $2 per month fee, creates an opportunity for businesses to develop disruptive pricing models in the financial industry to attract more customers.
Industry Implications
1. Fintech - The fintech industry can leverage the trend of automated savings apps to develop innovative financial technologies that empower individuals to save more effectively for retirement.
2. Robo-advisory - The robo-advisory industry can capitalize on the trend of personalized retirement planning apps by offering tailored investment and financial advice to Gen X users looking to secure their retirement.
3. Investment Management - The investment management industry has an opportunity to disrupt traditional pricing models by adopting the trend of low-cost retirement services, making retirement planning more accessible and affordable for individuals.