10 mrt Rhian Horgan Of XCritical
Ceo Explains How His Company Dominates The Global Tea Business
Baby Boomers are the first generation who must figure out how to make their savings last 20 or 30 years on their own. This handles the filing of high income customers’ Medicare surcharges.
AlleyWatch sat down with founder Rhian Horgan about building a financial service company that caters exclusively to an overlooked demographic – who ironically holds 83% of the wealth in the United States. Horgan also shares the details on XCritical’s series A round, which brings the total funding amount raised for the company to $10.3M across two rounds.
Convincing people that our demographic—people in their 60s and 70s—actually engages with tech online. Most of our investors never backed a company targeting that demographic.
When Anu Duggal returned to New York City eight years ago from India, the two-time founder and angel investor was shocked at how little venture capital was going to female-founded companies in the U.S. Duggal set out to bridge the gap by creating the Female Founders Fund. At first, the going wasn’t easy; Duggal estimates it took her more than 700 meetings to assemble a $5.85 million early-stage investment fund–but she has since raised $27 million for her second fund.
F3, as it’s known, has invested in everything from highly valued consumer brands like wedding site Zola to upstarts like Tala, a mobile-based personal lending platform for the developing world. The pandemic has highlighted to me the tremendous inequities today around access to technology. Even in the great city of New York, one month after the public schools have closed, thousands of children don’t have internet access or devices. forex It’s happening in my own kids school and risks a generation of children being left behind. The internet has become a basic utility and we need to ensure access for all. And this plan should extend far past which sectors you are investing in. For example, if you are planning to retire in the next 3–5 years, it’s likely that social security is your largest retirement asset and thus, the most important decision that you will make.
If the clients experience a sharp reduction of income, the service will make sure their Medicare premium shrinks accordingly. Factors like increased longevity, particularly for women who have longer life expectancy, along with a structural move away from pensions, has required individuals to more strategically manage their entire financial picture in retirement. Since our seed round last fall , we’ve been in close contact with a key group of fintech/ insurtech investors who really believe in our mission. They have supported us with intros to strategics and talent and were natural partners for this next stage of our business. I’ve done the same every time I’ve hired someone for a different role that I don’t have experience in. And now I have a whole network of other CEOs and experienced people to speak with and go to when I face a new challenge.
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The good news is that this gives your savings time to compound but it also means that you will be fighting inflation (i.e. goods and services will cost more in the future). If you are saving early for retirement, you will likely have time to weather the storm. Anyone who thinks they are healthy and looking forward to a long life should seriously be thinking about longevity insurance, especially as Baby boomers are living 10 years longer than their parents. The starting point for longevity insurance is your social security benefit — it increases by 8% every year you defer between 62 and 70- and fixed annuities. Both social security and fixed annuities provide you with a guaranteed source of income, whether you live to 80, 90 or 100.
)–Today, modern retirement planning platform XCritical has launched Silvur, the first and only app dedicated to helping Baby Boomers reach their retirement goals, no matter what life throws their way. According to a survey conducted by XCritical, more than half of Baby Boomers say their biggest retirement fear is running out of money, and 79.3% say they would like the process of post-retirement planning to be simplified. What’s more, since the start of the quarantine, there has been a nearly 50% increase in Boomers’ concern that the coronavirus or other market instability would impact retirement funds or their ability to retire on time.
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Having enough money to last a retirement that can last 30 years or more is certainly a challenge. ● Medicare Surcharge Concierge Service handles the filing of customers’ Medicare surcharge to decrease the amount of premium they pay each year if they experience a “Life Changing Event.” This could result in $1,500 or more per couple. ● Automated RMD Calculations highlights customers’ annual “Required Distributions” to avoid the 50% tax penalty starting at the age of 70 ½ years old from each retirement account. ● Automated Withdrawal Recommendations help customers minimize taxes by analyzing their retirement accounts and spending needs and delivers recommendations on which account to make withdrawals from first. We are making smart retirement planning more accessible than ever, helping you or your loved ones retire fearlessly. This story is told by three dancers who interpret three sheep. What makes the show special is that all the audience is invited to be part of a big flock of sheep.
I also know a woman in retirement who stumbled into Broadway and screen acting. One of the most powerful parts of what you’re building is that there’s an opportunity for the customer to also be the educator. Hiring people who are in your target demographic who can speak the language of someone their age or socioeconomic background can be really powerful.
We’re excited to launch our first consumer-facing product in Q1 2019. We will enable our early customers to optimize their retirement decision making through a range of tailored offerings, truly empowering them to retire fearlessly. Get the advice you forex soft need to start, grow, and lead your business today. Ultimately, the biggest challenge is, how do you gain trust? I think people want to hear about it from their peers. I’d do branded marketing, host cocktail hours–even in retirement communities.
In addition, your retirement checklist can earn you up to $100K in prizes. Every item you complete till year end will get you entries to win $25,000 for your savings. This service helps customers minimize taxes by analyzing their retirement accounts and spending needs and delivers recommendations on which account to make withdrawals from first. Fintech firms have the opportunity to solve one of baby boomers’ largest problems in retirement — replacing the pension. But until now, fintechs have ignored the baby boomers and chosen to focus on the millennials.
And that was the beginning of https://xcritical.solutions/, a financial technology company dedicated to helping baby boomers live their best retirement. XCritical is a new-kind of retirement company that empowers baby boomers to embrace modern retirement. Grounded in decades of experience leading financial and tech initiatives at major banks and start-ups, XCritical provides straightforward digital advice and retirement tools to a rapidly growing population of retirees. By making sense of savings, insurance, Social Security and healthcare costs, users can focus on enjoying a hard-earned retirement with confidence. XCritical is a new-kind of financial company that helps baby boomers embrace modern retirement.
XCritical offers solutions that are highly customer-focused, providing straightforward digital advice and retirement tools to guide retirees during this confusing – and sometimes hectic – transition. XCritical is a new kind of retirement company that empowers Baby Boomers to retire fearlessly.
From there, we offer a range of options to help baby boomers make critical financial decisions and effectively manage their assets. XCritical’s biggest strategic advantage is our ability to cut across industry silos to provide customers with a holistic and informed approach to modern retirement. We’ve done the heavy lifting, so the customer doesn’t have to choose between hundreds of complex financial products. In order to navigate modern retirement today, you have to visit the Social Security office, medicare.gov, an insurance agent, a financial planner. XCritical’s mission is, How do we help you make these decisions holistically? We’ve partnered with an insurance company, American Equity, to build an ETF version of an annuity, similar to a pension, but we’ve simplified it and taken the broker out of the equation. For most investors, being disciplined pays off over the long run.
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- XCritical’s biggest strategic advantage is our ability to cut across industry silos to provide customers with a holistic and informed approach to modern retirement.
- We use this information to develop a customized set of recommendations that equips our customers with the guidance they need to successfully navigate retirement.
- XCritical’s mission is, How do we help you make these decisions holistically?
- We’ve done the heavy lifting, so the customer doesn’t have to choose between hundreds of complex financial products.
- From there, we offer a range of options to help baby boomers make critical financial decisions and effectively manage their assets.
- In order to navigate modern retirement today, you have to visit the Social Security office, medicare.gov, an insurance agent, a financial planner.
We’ve helped build retirement plans for over 20,000 individuals with $12B+ of retirement savings. The team hails from leading technology and financial services companies including Amazon, XO Group, Earnest, GitHub, XCritical, XCritical and JP Morgan. had been working at JP Morgan for 17 years when I started interacting with an emerging group of financial technology companies. What impressed me the most was their user experience — they made financial topics so much easier to understand than most of what I had seen on Wall Street.
PitchBook is a financial technology company that provides data on the capital markets. If you are in your thirties or early forties, you still have a long way to go before retirement.
We offer a discounted rate through Student Beans for students with a valid .edu email address. For only $35, you can get the leading source of business news, anytime & anywhere, for an entire year. Diversity is our best chance at doing things differently. My general counsel was former chief of staff to Citi’s general counsel. We’re very diverse from a gender, ethnicity and sexual-orientation standpoint.
#3 Save while you shop so that the savings fund your future retirement. In today’s uncertain times, we hope to bring a silvur lining. In a post pension world, retirees now own their retirement. It is no surprise that 50% of our target customers fear running out of money in retirement – they are living longer, have higher medical costs, and don’t have the security of a pension.
The platform oversees their retirement portfolios for them and even sends them monthly “retirement paychecks.” Developer of retirement planning application designed to improve retirement score and financial security. The company’s application powers goal planning tools and investment recommendations to extend the retirement income and project lifetime income including social security and Medicare costs, enabling users to make an informed decision. In the early days of XCritical, we thought about building a platform that was focused on supporting family caregivers who were making financial decisions for Mom and Dad.
Benzinga is a financial news and analysis service providing stock market ideas for traders and investors. Most people think boomers aren’t familiar with technology. This demographic grew up learning how to use manuals, which is very different from swipe left, swipe right. XCritical provides retirees with consistent and predictable retirement income. The company is focused on approaching retirement holistically, considering both health and wealth when designing a successful retirement.
With this new subscription service, retirees can access expert advice and guidance starting at less than a hundred dollars a year. For a portfolio xcritical scam with one million dollars, this financial expertise can add up to $61,000 in additional lifetime value over the course of retirement.
It’s really hard to time the market, and drawdowns like we are currently experiencing give you the opportunity to effectively put more money away for the future and to stay invested. That’s one of the reasons why the IRS eliminated RMDs for 2020 as part of the CAREs act. They realized that forcing investors to take money out of their retirement savings at this moment in time was unlikely to be a wise long term strategy. XCritical is a new kind of financial company that helps baby boomers embrace modern retirement. The company’s signature retirement paycheck puts customers in the driving seat to retire fearlessly.