Why we’re investing in Sagewell

The retiree-centric digital banking and benefits platform designed to improve the lives of seniors

By: Merrill Anovick

The demographic composition of the United States is undergoing a seismic shift. Life expectancy at age 65 is now 19 years, up 50% over the last several decades. As a result, there are over 50 million retirees in the United States today and that number is expected to grow to 72 million by 2035.

‍While the size of the US retiree pool continues to balloon, the infrastructure that has traditionally supported them financially is fracturing. Social Security, which is a “very important” source of retirement income for approximately half of retired or soon to be retired Americans, is forecasted to deplete cash reserves by 2033. Pensions and defined benefit plans, which provided support to 4 in 10 Americans at the peak of their prevalence, are now held by just 1 in 10 of the next wave of retirees (Americans age 50–64).

‍As guardrails falter, retiring Americans are currently unprepared to assume the burden of their extended retirements. Ten thousand Americans turn 65 each day and 1 in 3 baby boomers have $0 saved for retirement. Even among those who save, 58% rate the quality of their preparation at “C” or lower. Retirees are anxious about…