Empower Retirement Plan Review for 2025
Empower Retirement offers retirement plans in both the public and private sectors. Although the company has a few negative reviews, Empower Retirement customer service ratings tend to be high. Although Empower offers several financial services, it tends to focus on investments to fund retirement.
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Eric Stauffer
Licensed Insurance Agent
Eric Stauffer is an insurance agent and banker-turned-consumer advocate. His priority is educating individuals and families about the different types of insurance coverage. He is passionate about helping consumers find the best coverage for their budgets and personal needs. Eric is the CEO of C Street Media, a full-service marketing firm and the co-founder of ProperCents.com, a financial educat...
Licensed Insurance Agent
UPDATED: Aug 29, 2023
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Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider. Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Aug 29, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider. Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- 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. Whether you want to use an indexed universal life insurance policy or heavily invest, Empower Retirement might have the right plan for you.
Read on to learn more about Empower Retirement plans and if they might be right for you. Then, compare life insurance quotes from other companies to see if a new policy could fit your retirement needs.
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 well-being 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
| Characteristics | 401k | Indexed Universal Life |
|---|---|---|
| Investment Tool: | Yes | Yes |
| Guarantees Provided: | No | No-lapse guarantee, death benefit guarantee, and additional riders to personalize policy |
| Contribution Caps: | Employee and employer contributions are capped per year | Unlimited contributions |
| Policy Comprehension: | Fairly straightforward and easy to understand | Difficult 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 that | Cash 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 process | Listed beneficiaries receive death benefit |
| Receive Employer Match: | Yes, employer contribution of a specific percentage to a capped amount each year | No |
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.
Frequently Asked Questions
What types of retirement plans does Empower Retirement offer?
Empower Retirement offers a range of retirement plans, including traditional IRAs, Roth IRAs, 401(k) plans, 403(b) plans, 457 plans, and pension plans. These options cater to individuals, employees of different sectors, and organizations.
Can I rollover my existing retirement account to Empower Retirement?
Yes, Empower Retirement allows you to rollover funds from an existing retirement account, such as a 401(k) from a previous employer, into an Empower Retirement account. This enables you to consolidate your retirement savings and manage them more efficiently.
Does Empower Retirement provide investment advice?
Yes, Empower Retirement offers investment advice through their team of financial professionals. These experts can provide guidance on asset allocation, investment strategies, and retirement planning based on your individual circumstances and goals.
Can I make changes to my investment allocations with Empower Retirement?
Yes, Empower Retirement allows you to make changes to your investment allocations. You can log in to your account online or contact their customer service to modify your
Can I access my Empower Retirement account on mobile devices?
Yes, Empower Retirement provides a mobile app that allows you to access your retirement account and manage your investments conveniently from your smartphone or tablet. The app provides features like account balance monitoring, transaction history, and investment performance tracking.
Does Empower Retirement offer additional benefits or services?
In addition to retirement planning and investment options, Empower Retirement may offer additional benefits or services. These could include access to health savings accounts (HSAs), education savings plans, life insurance options, and financial wellness programs. It’s advisable to inquire about any supplementary services they provide.
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Eric Stauffer
Licensed Insurance Agent
Eric Stauffer is an insurance agent and banker-turned-consumer advocate. His priority is educating individuals and families about the different types of insurance coverage. He is passionate about helping consumers find the best coverage for their budgets and personal needs. Eric is the CEO of C Street Media, a full-service marketing firm and the co-founder of ProperCents.com, a financial educat...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.