This month’s startup spotlight is SaveDay, the zero cost to employer 401(k).
After one long trip across the Atlantic and seventy years working hard as a shoe salesman, Ben Mione found himself declaring bankruptcy. Never in his life was he offered the chance to invest in retirement. Sitting by his side in bankruptcy court was a professional investor, his son, Barry Mione.
“I thought I knew everything about investing,” Mione says. “But there I was, a professional money manager, sitting in bankruptcy court with my own dad.”
Now Mione is the CEO of SaveDay, which gives any small business the power to offer employees a 401(k) at no cost to the employer.
SaveDay’s goal is for no working American to worry about retirement ever again, allowing small businesses to grow in the process.
“My wife has a good friend who’s working in the construction industry — the male dominated construction industry,” Mione says.
Offering her employees a 401k gave her business the edge it needed to be competitive in the world of construction debris removal. Many of SaveDay’s customers tell the same story, so much so that last week, SaveDay was recognized for the second time as the top 401k provider by Shortlister.
ADDRESSING A LOOMING CRISIS
Social security as we know it is set to run out by 2035. And compared to the 83% of baby boomers who rely on the program to be the primary source of income during retirement, less than half of millennials and only 38% of Gen Z plan on using Social Security for retirement.
New generations are looking for more options and Saveday is poised to meet that need.
SAVINGS FOR ALL
Saveday is the only 401(k) provider that charges $0 in fees, making it affordable to big name customers like Circle K and Papa Johns as well as small family businesses like Purple Fig Company, an Austin business which grew from 18 to over 45 employees since joining Saveday.
“All other companies in perpetuity are still stuck in the 80s in terms of what their pricing structure is,” Mione says, “but our technology is what makes onboarding so easy and cheap.”
The national activation rate for employees that opt into 401(k)s is 52%. Saveday’s rate is 62%, which the team attributes to their user-friendly, simple, $0 onboarding process.
SaveDay’s monthly contributions are doubling annually and the company has over 5,000 contributors that come from all fifty states. To learn more about SaveDay’s zero cost 401(k) for your employees, go to https://www.saveday.com/. Signup takes 15 minutes or less.