With thousands of couples on-board, Plenty helps millennials understand where they are, what they're on track for, and how to achieve their goals - from cash flow management to investing
SAN FRANCISCO, Dec. 18, 2023 /PRNewswire-PRWeb/ -- New research from MIT Sloan shows that couples miss out on earning more money when they fail to coordinate retirement benefits. Plenty, the first-of-its-kind financial platform that helps partners discuss, manage and invest together, today adds retirement planning to its platform so modern couples make more from their money.
Plenty launched its waitlist in spring of 2023, purpose-built for couples looking to merge and grow finances, and is constantly adding functionality so it can be the go-to solution for everything from daily cash flow management to long-term investing. The last generation of consumer fintech was built for individuals to manage money or invest on their own, but with 60% of millennials now partnered, Plenty is focused on dual career couples who have unique collaborative needs.
"Better communication can translate to saving an average of almost $700 or more every year for a couple's retirement. Over a 30-year career, that adds up to more than $80,000 in retirement savings, with annual contributions compounding at 7.5%. That's a significant boost for millennial partners saving for their future," said Emily Luk, CEO and co-founder of Plenty. "We understand how much money and goals have changed, and created Plenty to let couples design financial arrangements that best suit them. And in addition to showing them where their money is - individually and/or together - we enable action, so they can invest and save towards their goals, making it easier to see results and achieve their dreams."
How saving for retirement works with Plenty:
- One place to rule them all! By connecting retirement accounts, users can see what they're on track for; and choose to flexibly share with a partner or keep things private
- Investing made simple (with impact): A Plenty IRA account is designed with a values-based strategy that invests in the world this generation will live in
- Save on fees: 401k plan fees are usually 0.5 to 2%; but Plenty only charges 0.4% for portfolios to help couples save more
Plenty was founded in 2022 by newlyweds Emily Luk and Channing Allen, who met working together at Even (acquired by Walmart-owned One), after their time working at Stripe and Homebase. At Even, Luk and Allen discovered how broken the traditional financial planning landscape was for everyday millennials. After getting engaged in late 2021, they struggled to find products that supported their reality as millennials looking to plan their finances together. Leading with a partner-oriented approach to finances, they created Plenty's goals-based investing platform that simplifies and automates the financial forecasting and investing process for couples who want to plan toward life milestones and reach financial freedom together.
Plenty launched its waitlist in May 2023 and already has millions under management as modern couples seek a solution that recognizes that the rules and goals of money have changed. Plenty will be generally available to both individuals and couples via an affordable membership in 2024, providing full access to its wealth building platform, partner functionality, cash management product offering, 13x the national savings APY average, and an AI-powered direct indexing strategy that historically required a $500k investment minimum.
With Intuit's Mint closing at the end of this year, Plenty is ready to take their users' and other millennials' money beyond reporting to active management, helping them build their wealth. Mint users can download their data and join withplenty.com for priority onboarding from the waitlist.
About Plenty
Plenty is a platform that makes it simple for modern couples to invest and plan towards goals, while bringing access to the financial strategies of the wealthy. Backed by the CEO and founders behind Wealthfront, Personal Capital, Square/Block, Carta, Opendoor, Homebase, Twitter, Postmates, Kevin Durant, and additional institutional investors, Plenty is an investment platform for modern couples to manage their money together. For more information, visit withplenty.com
Media Contact
Tisha Ferraro, Plenty, 9255881610, [email protected]
SOURCE Plenty
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