March 25, 2015
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:
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