Blooom 401k: Automated control – is it better?

Blooom 401k: Automated control – is it better?

4.8 / 5


In a nutshell: 

Blooom is a robo-advisor automated investment app that helps you manage retirement. It works with your company-sponsored 401ks and with some IRAs as well. What’s different about Blooom is that it is centered around retirement management, a niche that some other platforms lack.

Blooom planer





$ 45 / month

$ 120 / month

$ 250 / month

Blooom 401k is best for:

  • Pension account administration
  • No minimum investment
  • Reasonable fees
  • A more hands-free approach

Pros and cons


  • Handles your 401k
  • No account minimum
  • Free analysis on your profile
  • Handles most types of pension plans
  • Professional management with access to advisors


  • More restrictions on IRA plans

Blooom 401k – What is it?

Blooom 401k is a robo-advisor who specializes in retirement plans – even company-sponsored. Blooom can work seamlessly with what your business is doing, and it’s one of the only platforms out there that can do this.

Blooom has slowly expanded its reach to include IRA accounts. When you sign up for your account and fill in the relevant information, you must log in to your pension account. Blooom will then conduct a free analysis of your investment profile and provide you with suggestions.

The free analysis is very useful because it can help uncover any hidden fees that you have paid and eliminate them, or at least reduce them. The results of your analysis will take into account your age, the age you plan to retire, and your risk tolerance for determining the best investment approach.

Blooom 401k features

What exactly does Blooom Pension Management offer?


Fees are at the forefront of everyone’s minds for services, and you’ll be happy to know that Bloom’s fees are quite affordable compared to some other robo-advisor plans. Instead of charging you a percentage of your assets annually, Blooom just charges a flat fee. How much it is depends on the plan you choose.

You can choose from 3 different plans – Essentials, Standard and Unlimited for $ 45, $ 120 and $ 250 respectively.

Of course, what you get with each plan is different. The unlimited plan opens access to all of Bloom’s features, including personal accounts, automatic optimization, and priority advisor access.

The standard plan has everything the Unlimited plan does, except for priority advisor access – only standard services. Finally, the Essentials plan is the most basic, giving you only one personal portfolio.

Available accounts

Blooom 401k supports a variety of accounts. In terms of employer-sponsored accounts, there are 401k, 403b, 457, 401a and TSP.

For IRAs, Blooom includes available IRA accounts Traditional, ROTH, SIMPLE, SEP, Spouse, and Non-Deductible IRAs.

Financial Advisers

Blooom is a robo-advisor platform that gives certain clients access to real financial advisors. There is no debate about the convenience of a robo-advisor, but getting advice from a real person will provide a level of interaction you would not get with an AI

You will not have access to advisors with the Essentials plan, but you will with the Standard and Unlimited plans. However, you will only get priority service with the Unlimited plan.


Don’t worry, Blooom does not have direct control over your retirement account. Power still lies with a custodian. Blooom is merely a trustee and has a duty to put your interests first.

Automated rebalancing

One of the most reliable ways to offset the market’s unpredictability is with reallocation. The automatic rebalancing feature will monitor your investments to ensure you stick to your goal.

The good thing about Blooom is that they take an active approach. The Platform reviews your account every 95 days just to see if such changes are necessary.

Customer support

If there is one drawback to Blooom 401k, we have to say it is customer support. Why? Because Blooom does not offer telephone support. Compared to other platforms, many of which have 24/7 customer service over the phone, it really sheds light on the platform’s unavailability.

Even without phone support, Blooom still offers efficient email and live chat options during their opening hours, which are Monday through Friday from 6 p.m. 9.00 to 16.00 central time. Hopefully Blooom will integrate phone services in the future.


As one of the only services offering 401k management, Bloooms review is very favorable. If you do not have the time or know-how to manage your own retirement account, then Blooom is for you. It is compatible with many types of accounts and can allow you to take a hands-off approach. Read more about Bloom here.

We do not recommend Blooom if you have less than 20,000 in your account because the annual administration fee (depending on the plan) may not work to your advantage.

The post Blooom 401k: Automated Management – Is It Better? first appeared on Modest Money.

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