Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Feb 20, 2022

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The Brief

  • Empower Retirement is the second-largest financial services provider in the United States
  • Empower Retirement operates in both the public and private sectors 
  • Investments with Empower Retirement offer clients the ability to make changes online and also speak to financial professionals in order to make the best decisions possible

If you are nearing retirement, or if you want to set yourself up for a successful retirement, then Empower Retirement Company may be something you’re interested in. Considered the second-largest retirement financial services provider in the United States, Empower Retirement specializes in helping people set themselves up for success in their senior years.

Empower Retirement IRA and 401k options are versatile and allow clients to customize their policies to meet their needs and the needs of their family members and loved ones.

If you are concerned about your future and retirement options, it’s a good idea to review your financials and portfolios to see if including an additional retirement plan — or starting a new plan altogether — is a good idea for you. You should also consider whether term or whole life insurance plans might be a better option.

As you shop around for retirement and life insurance options, be sure to use our free quote tool above to compare companies and see how much you can save in monthly rates.

What does Empower Retirement do?

Empower Retirement is a fairly new name in the retirement services industry, but the company has done well and is a well-known provider of retirement options and services throughout the U.S. A subsidy of Great-West Lifeco, Empower Retirement offers services to corporate clients as well as individuals who want to set up or adjust their investment funds for retirement. 

Empower Retirement states that its main objective is to help its customers in both the public and private sectors grow their investments in order to support themselves and their families during their retirement years.

Empower Retirement provides retirement plans for small and large companies along with different government agencies and organizations from municipal levels all the way up. Empower retirement allows policyholders to set up individual IRA accounts and 401k plans both with and separate from their individual company plans.

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Does Empower have a good website?

Empower Retirement offers a large collection of customer resources, and Empower Retirement participants can create their own accounts and Empower Retirement logins to view and even change their investments whenever they want to. 

Using their Empower logins, clients can:

  • View detailed account statements with past performance histories and analyses with each individual asset
  • Control and manage their own investments 
  • Utilize online tools to calculate and forecast future fund incomes with each individual asset
  • Access extensive customer support networks with financial professionals who will help with the planning and execution of retirement assets

Overall, the Empower Retirement website allows customers to manage their assets and get help from financial professionals virtually any time they want to. If you need help with your retirement plans, or if you want greater access to manage your own accounts and assets, Empower Retirement may be a good option for you.

What are Empower Retirement’s pros and cons?

When it comes to the ups and downs of a company, it’s good to know the positives and negatives associated with doing business. This is especially true with a company in charge of your wellbeing and financial future. 

Some of Empower Retirement’s pros include:

  • Dollar-cost averaging 
  • Automatic rebalancing
  • Simple, straightforward access and usability on the website
  • Access to retirement tools 
  • Access to financial professionals

As is the case with virtually any company, Empower Retirement also has a few negative aspects. Some of Empower Retirement’s cons include:

  • A bias toward investments
  • Tedious interface with certain online tools
  • A need for individual research when it comes to certain investments

As you consider the company you want to do business with for your retirement, you will want to take these pros and cons into account before you make any final decisions about Empower Retirement.

Does Empower Retirement offer Roth IRA and 401k options?

With Empower Retirement, account holders have control over their investment options for both IRA and 401k investments. Participants with Empower Retirement options require clients to be sure of what they are doing on the company website before they make any major changes to their investment portfolios.

When it comes to the type of investments you want to make, there are countless choices. The table below shows the differences between a 401k and an indexed universal life insurance policy.

401k vs. Indexed Universal Life

Characteristics401kIndexed Universal Life
Investment Tool:YesYes
Guarantees Provided:NoNo-lapse guarantee, death benefit guarantee, and additional riders to personalize policy
Contribution Caps:Employee and employer contributions are capped per yearUnlimited contributions
Policy Comprehension:Fairly straightforward and easy to understandDifficult to understand due to riders, options, and numerous pages - insurance agent recommended
Tax Treatment of Investments:You must wait until 59-1/2 to withdraw, and then must take monthly withdrawals after thatCash value taxed with initial contributions, so can be accessed at any time without a tax penalty
Distribution at Death:All 401(k)s are subject to probate processListed beneficiaries receive death benefit
Receive Employer Match:Yes, employer contribution of a specific percentage to a capped amount each yearNo
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If you have questions when it comes to the types of investments you should make or how to handle your own assets and make any changes, you should speak to a professional. It’s never a bad idea to pursue opinions from multiple professionals to make the best and most informed decisions you can.

You may be curious about what life insurance covers and whether you should include an additional life insurance policy with your other financial assets. It’s never a bad idea to speak to a professional to see what would work best for you and your family.

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Does Empower Retirement have good reviews?

Empower Retirement reviews and ratings online are quite positive from a financial standpoint. In fact, Empower Retirement garners an A+ rating with the Better Business Bureau (BBB). 

However, Empower does get its fair share of customer complaints when it comes to services and questions. Just on the BBB website alone, Empower Retirement has received 83 complaints in the last three years, with just one out of five stars for a review.

If you need to file an official complaint with Empower Retirement, you can write to the Empower Retirement address or go online to the company website.

Before you decide whether Empower is right for you, it’s a good idea to do some research. Speak to a representative about your specific situation and see whether Empower could help you with your financial future. But you should also speak to financial professionals from other companies to make sure you’re making the best choice possible.

You should also use our free quote tool below to access life insurance options to see which life insurance companies could work best for you.