Life is Rich

Disrupting a $36 Trillion Industry

By Team Savvly

3min

Apr 26, 2024

Hello, world!

Welcome to the Life is Rich Roundup. Allow us to introduce ourselves. We’re Savvly, and we’re on a mission to create the world’s first market-driven pension system.

Why? Because the retirement system is broken and people need better options so they don’t die in poverty. And because the industry is BORING with little to no innovation in the last 50 years.

We’re here to shake things up. While everyone is talking about AI, crypto, and tech, the sleepy $36 TRILLION retirement industry is sitting right under our noses, just hanging out and waiting for change.

So why should you subscribe to this newsletter? We’ll share interesting, curated articles in the untapped retirement space, as well as sharp investing and longevity news. We’ll also share things we think are cool, just because. And you’ll be the first to know about our market-driven pension that’s coming soon.

Let’s dive in.

BlackRock’s Paycheck For Life

Picture by BlackRock

Last month, Larry Fink’s annual letter to investors focused on retirement and the need for change. He says the move from pensions to 401(k)s represents an impossible math problem.

“The shift from defined benefit to defined contribution has been, for most people, a shift from financial certainty to financial uncertainty.”

- Larry Fink

We couldn’t agree more, Larry.

So, we’re not surprised that BlackRock unveiled their new retirement offering this week. Basically, it will give the option to invest in an annuity within an employer-sponsored retirement plan. It can give you a “paycheck for life” and peace of mind.

We aren’t the biggest fan of annuities (see why we created Savvly) but we love to see new retirement solutions coming on the scene. The more options, the better.

Leftover Money by Age and Education

Chart by Visual Capitalist

Interesting visual of adults with money to save at the end of each month. Not surprisingly, the older the respondent, the more stable their finances. Higher education also dramatically improves the chances of extra disposable income. See more here.

DOL Rule Protects Investors’ Retirement Savings

The U.S. Department of Labor finalized its Retirement Security Rule to protect the millions of workers saving for retirement. It requires trusted investment advice providers to give honest advice free from overcharges. These fiduciaries must provide high standards of care when they recommend investments and avoid bad recommendations and harmful conflicts of interest.

TLDR: the retirement system is slowly making progress to become more investor-centric. If you’re looking to fall asleep, read the full document, see here.

Breakthrough Study Reverses Aging in Mice

In a recent breakthrough study, EVs (tiny bubbles emitted by cells) were taken from young mice and injected into elderly mice. The treatment extended their median lifespan by about 1/8th and improved health indicators like muscle mass and hair retention.

It also reversed signs of aging in male reproductive health and enhanced overall physical fitness, cardiac function, and bone density. Cognitive functions and physical endurance also saw significant improvements. The study concludes that it may be possible to use EVs from mice in human beings for the same effects. Wild.

FTC Votes to Ban Noncompete Agreements

The Federal Trade Commission (FTC) voted on Tuesday to ban noncompete agreements that prevent tens of millions of employees from working for competitors or starting a competing business after they leave a job.

From fast food workers to CEOs, the FTC estimates that 18% of the U.S. workforce is covered by noncompete agreements — about 30 million people. Read more here.