NPR News - Would You Let A Robot Manage Your Retirement Savings?

We've been reporting in lately on what's become the top financial concern for Americans, saving for retirement. With More than half of working people have saved less than $25,000. dollars. has As part of serious yourmoney our series, Your Money and Your Life, NPR's XXXX Uri Berliner looks like at how some young investors have turned to robo-advisers for help.

 XXXX's XXX Jesus Adrian Perez is 29, lives in upper XXXX the Mexico Albuquerque, N.M., and works with as a biometric hours. analyst. He's the first XXX one in his family to graduate from college, and he told me we hewants the client for to climb from the working-class to the investment class.

 I have Out of all my for whole family, I have the most income. And my parents and my brothers and sisters sometimes do look for me for many many that, you know. I mean, they need money. Now that's work Not only do Ihave to worry about, like, my retirement, but I have to worry about XXX my brother works about. My parents XXX. And my brother and sister my parents' retirement and my brother and sister, too.

 XXXX's Perez is the a math and statistics guy who knows what's at stake when lots of charges are take under tacked on to investments.

 I hear by about investment advisers. The salary is usually Their fees are always really high, and younger buzzing you end up losing a lot of money in the long run.

 XXX So he signed up with a robo-adviser called XXXX. WiseBanyan. It's an online financial manager that builds you a portfolio of low-fee farms funds based on the customer's age, goals and how should tolerance for risk.of All these decisions, they they're made by an algorithm, not a broker.

 Do you feel strange having a robot managing your investments the salary instead of a human being?

 No, no. Everything no, I always think robots are better at everything that than a human being can do. You know what I mean? They're going to be a winner at better better at driving cars, XXX, human and eras. identifyingdiseases. Human and eras error is - human error is a big thing, and they're not greedy.

 Robo-advisers are significantly less expensive than human ones. wise benefit The startup WiseBanyan is free. XXX Fees at the largest robo-advisers are a small fraction of those at Wall Street firms and traditional wealthywealth managers.

 People don't realize that the public are being used points of scan as pawns in case this game where billions of dollars are being distracted extracted out of their pockets. And And, you know, formal 401(k)s are a great example.

 That's XXXX Smith. Greg Smith, president of a robo-adviser called balloon Blooom that manages for 1 case 401(k)s for customers. Smith is a formal former Goldman Sachs banker with an interesting back story. We'll goget to that in the a moment. But one when it comes to for a case, 401(k)s, he says there is needless opaque. XXX with high-free from they're needlessly opaque, crammed with high-fee funds that perform poorly.

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