If you’re like most Americans, you’ve likely switched jobs at least once or twice in your career. While starting a new job can be exciting, overwhelming, and downright scary at times, one of the most overlooked parts of transitioning to a new company is handling your 401(k) and rolling it over to your new employer.
Large 401(k) providers like Fidelity and Charles Schwab have rollover options that make it very easy to transfer your 401(k) to your new employer. However, plenty of employees simply forget to do so.
That’s where Meet Beagle (or simply Beagle) comes in. This innovative financial software makes it possible for employees to locate old 401(k) accounts, discover hidden 401(k) fees, and borrow from old retirement accounts at 0% net interest.
This all sounds great, right? Beagle can be a helpful software solution for a small target audience, but it’s certainly not right for everyone. Keep reading to find out more about Meet Beagle reviews and to decide if this platform is right for you.
What is Meet Beagle?
Beagle brands itself as a “financial concierge” that has helped people from major companies like Google, Walmart, Uber, and Ford with their financial management when switching companies.
Although they’ve made a name for themselves in helping employees locate old 401(k) accounts, Beagle has much more to offer its customers. The platform allows you to store all your money in one place and unlock old 401(k) accounts for use prior to retirement. Borrowing with Beagle provides users with 0% net interest with all interest paid back to yourself.
Beagle certainly makes a case as one of the most innovative FinTech startups in Silicon Valley. Their team is led by experienced entrepreneurs and engineers with distinguished backgrounds from both Ivy League universities and elite computer science programs.
The company has been featured in a number of publications like CNBC and continues to raise venture capital financing from institutional investors.
Is Meet Beagle Legit?
Lots of Meet Beagle reviews question the legitimacy of the platform and whether the monthly subscription fee is worth it. In our experience, employees who know they have existing 401(k) accounts but can’t locate them or their login information use Beagle effectively. The proprietary technology searches the internet and quickly locates old 401(k) accounts.
However, those without outstanding 401(k) accounts that don’t need rollover probably won’t find Beagle very useful. Users looking to use the Beagle platform for borrowing against existing 401(k) accounts should look elsewhere for better financing terms and flexible repayment options.
Key Features of Meet Beagle
We touched on some of the biggest selling points of Beagle, now let’s dive into the details and how the platform works.
Find Old 401(k) Accounts
The introductory service of Beagle uses a proprietary algorithm to search the web and locate old 401(k) accounts in your name.
To do this, Beagle requires users to enter their personal information, including their name, social security number, home address, date of birth, and phone number. Empty search results allow users to search again under previous names or addresses associated with 401(k) accounts.
Beagle asks for your previous work history that includes the companies you’ve worked for, job titles, dates of employment, and the salary range for your position. Using this information, Beagle provides a preliminary report of accounts attached to your name and social security number.
After selecting the accounts in the preliminary report, Beagle takes a few business days to provide a complete report with disclaimers about using their service. It’s important to understand that Beagle only locates the accounts. It’s up to the user to reach out to the 401(k) provider to gain access to the account.
Understand 401(k) Plans
Tons of online Meet Beagle reviews praised the company for its ability to walk users through understanding 401(k) plans and navigating the rollover process.
They also make it easy for users to take advantage of their platform to transfer their 401(k) into a Rollover IRA, your existing workplace plan, or an existing IRA retirement account. Not all 401(k) providers have great rollover options, which makes Beagle a logical choice for many employees.
Discover Hidden Fees
Employers must disclose all fees related to managing 401(k) accounts for their employees. But let’s be honest: Have you read through the mountain of paperwork when signing up for a 401(k) with your employer?
These hidden fees can add up over time, especially in 401(k) accounts with high balances. For example, an employee with a 401(k) balance of $500,000 in an account that charges a 1% management fee pays $5,000 per year in fees alone.
Meet Beagle makes it easy to spot these hidden fees so you can make informed decisions about your 401(k) plan and potentially save thousands in the process.
Take out a 401(k) Loan
Borrowing with Beagle is another feature on the platform. Their service allows borrowers to use their 401(k) balance to take out a loan with 0% net interest.
However, the loan comes with fees that borrowers should understand before using Beagle for financing. Beagle charges a $2 monthly fee for maintaining the account and $99 issuing fee to set up the loan for users.
Meet Beagle Cost
Users looking to locate old 401(k) accounts have the option to pay a one-time fee to use the Beagle platform at three pricing tiers.
If Beagle finds one or two accounts in its search, pricing starts at $19 for the starter package, $39 for the standard package, and $99 for the premium package. For searches locating three or more accounts, pricing follows the same tier model at $25, $45, and $99.
Beagle Financial is available for users looking to open an investment account and starts at $3.99 per month. However, we found it difficult to find any Meet Beagle reviews on Beagle Financial and its investment performance.
Beagle can be a useful tool to locate old 401(k) accounts and discover hidden fees that plan sponsors charge.
However, aside from its 401(k) locating features, users should explore other options when it comes to borrowing against their 401(k) balance for better financing terms and customer service.
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