FeeX The Startup That Will Rescue Americans Retirement Savings.
FeeX has just managed to launch today to help people better understand and to take action against excessive and sometimes hidden fees that can chomp down a THIRD or more of peoples retirement savings. Building ontop of a network of actionable, crowed-energized financial intelligence, FeeX is the very first community-based solution to saving problems that have affect over 10 million American citizens. The signup for FeeX.comis free and shows people in dollars, how much they’re paying for their investments and and estimates what kind of damaging fee will be inflicted of time they retire. With the help from other within the community, FeeX shows its users how to reduce those fee before it becomes far too late.
“If you don’t know how much you’re paying in fees, you’re probably paying too much,” said Yoav Zurel, CEO of FeeX.
Reports found from the 2013 Investment Company Factbook has pointed out $5.4 trillion in retirement cash invested in IRAs, accounting over 27 percent, the bigger share of U.S. national Retirement Saving. As a Result, American have paid $43 billion in fees in their IRA account just last year alone. This initial launch of FeeX will expose any of these IRA-related fees for over 40 percent of the American households that contain them.
Investing fee are not really forthcoming on retirement account statements. Because of these results, many Americans are unaware of the real cost of their investments. FeeX has started breaking this problem by casting a light on bot the short and long-term effects of fees. In order to reduce these fees, Feex will be offering a crowdsourced tip based on the anonymous, empirical efficiency of other users portfolios. This crowdsourcing feature will allow FeeX to remain on goal while helping rescue the retirements of their users, without any necessary sacrifices on their performance or taking on any extra task.
“Again and again we’re seeing that the power of community trumps other more traditional, individual approaches,” said Uri Levine, FeeX co-founder. ”Why hold only one piece when together, we can see the whole puzzle?”