It’s Time we Change the Retirement Industry [VIDEO]

March 25, 2015

8:00 pm

When people think retirement, they think of the traditional model that says you’ll retire when you get to 65 years old. However, that effectively sets a life cycle on how long a company can profit off of you before you retire. After all, if you only needed $1,500 a month to pay your rent and bills and could retire at 35, wouldn’t you?

Will Hurley, cofounder and CEO of Honest Dollar, built a platform that takes this ever-present issue in our retirement services industry and reengineers it. Companies are charged $10 per employee per month, and it only takes about 30 seconds to sign up. At its core Honest Dollar is streamlining the industry to help employees save for their future.

There are 70 million working Americans that have no access to retirement savings, and a majority of them are working at small businesses. The problem is that big institutions don’t want to service that market, which results in small businesses going through middle men and brokers: the business thinks they’re doing something good for their employees but they’re actually hurting their financial futures.

That’s why Hurley has chosen to focus Honest Dollar on small businesses though. Most can’t afford the administration responsibility or fiduciary risk, but they’re the backbone of America.

Hurley has a history of launching new ventures at SXSW, and Honest Dollar was no exception. They launched on March 13, had a $3 million seed round come in that day, and then went on to win ReleaseIt later in the afternoon.

Hurley was kind enough to take the time out of his busy schedule to swing by our SXSW event this year and talk to us more about Honest Dollar and how they’re reengineering the retirement industry. Here’s the video:

This video series was made possible through the support of Microsoft BizSpark and TrepLife.

Every entrepreneur has a great story–and Trep Life is here to tell it. We document the grind, hustle, and payoff of building companies. 

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Will is a Senior Writer with Tech.Co, based out of America’s Finest City: San Diego. He covers all territory West of the Mississippi river, digging deep for awesome local entrepreneurs, companies, and ideas. He’s the resident Android junkie and will be happy to tell you why you should switch to the OS. When he’s off the clock, Will focuses his literary talent on the art of creative writing…or you might find him surfing in Ocean Beach.

Follow Will on Twitter @WJS1988

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