Empower Vs. Fidelity: Ultimate Retirement Planning (2025)

When it comes to planning for retirement, the choices can feel overwhelming to invest wisely.

Whether you’re just starting to stash away some savings for retirement or you’re looking to fine-tune your goals for retirement, picking the right company to trust with your future is a big decision.

Enter the debate between Empower Vs. Fidelity. Both are giants in the game, known for helping investors like you and me navigate the waters of retirement planning.

So, if you’re on the fence about where to let your hard-earned money grow, you’re in the right spot to find out what Empower Retirement and Fidelity Investments offer their customers.

Key Takeaways

• Empower excels in providing personalized retirement strategies and professional advisory services, especially for those with larger investment portfolios.
• Fidelity Investments stands out as a comprehensive financial services provider, offering a wide range of investment options and educational resources for investors at all levels.
• Both companies offer a variety of retirement accounts, including IRAs and 401(k)s, with distinct benefits to suit individual needs and preferences.
• Empower Retirement’s acquisition of Personal Capital showcases its commitment to integrating technology and personalization in retirement planning.
• Fidelity’s no-commission trades and no-account fees policy make it an attractive option for cost-conscious investors.
• Customer service is a strong suit for both Empower and Fidelity, each offering multiple channels for support and guidance.
• The choice between Empower and Fidelity should be based on individual financial goals, investment size, and the level of personalized service desired.

Final Verdict: Empower Vs. Fidelity

When it comes to choosing between Empower Retirement and Fidelity as a place to grow your nest egg, Empower is my top pick.

They’ve bought Personal Capital and built this platform aimed at customers who’ve already saved up a good chunk of change for retirement—think $100,000 or more.

Plus, they’ve got this neat set of tools for managing your money, including a really slick budgeting dashboard and a robo-advisor to help guide your investment decisions.

Empower

Think of Empower as your friendly guide through the maze of financial and retirement planning.

They’re here to simplify things, offering tailored options and advice that feel personalized and straightforward.

Their tools are super user-friendly, making it easier to track progress without getting bogged down in complex financial terms.

Check out my in-depth Empower Review to see why I use Empower to track my money, retirement, and more.

Key Features

• Personalized Dashboard: This is similar to having your financial life on a dashboard, showing you where you’re at and where you’re heading.
• Savings Planner: This tool links up with your accounts to keep your retirement savings on track, giving you a little nudge when needed.
• Portfolio Customization: This service tailors your investment mix to fit your entire financial picture, even offering socially responsible options for your retirement assets.

Investment Options

Empower Retirement offers a wide range of options tailored to meet various financial goals and investment styles.

They are a smart choice for investing and wealth management beyond just your retirement savings.

They offer the advantage of commission-free trading and give you access to a variety of investments, such as mutual funds, ETFs, stocks, and bonds.

Retirement Plans

Empower Retirement offers various ways to help you save and invest wisely. They offer different types of IRAs, such as Roth IRAs, Traditional IRAs, and Rollover IRAs.

Each one comes with its own set of benefits, so you can choose the Empower Retirement option that fits your retirement savings strategies.

But that’s not all! Empower Retirement introduced “My Total Retirement” back in 2018. It’s like having your guide to retirement savings tailored specifically to your needs.

From your very first paycheck to the day you decide to retire, “My Total Retirement” is there to help you every step of the way.

Account Fees

General Management Fees:

• For assets up to $1 million: 0.89%
• Over $1 million: Tiered fees apply
  • First $3 million: 0.79%
  • Next $2 million: 0.69%
  • Next $5 million: 0.59%
  • Over $10 million: 0.49%

Customer Service

One of Empower Retirement’s key strengths is its excellent customer service.

They provide a dedicated team with phone lines for different types of queries- one line catering to questions related to workplace retirement plans.

The other line is for individual investors interested in personalized planning with an Empower financial professional.

Empower Pros & Cons

Pros

• Personalized Retirement Strategies
• Holistic Financial Management
• Professional Advisory Services
• Employer Focused Solutions
• Capital Preservation Emphasis
• Optimized Social Security Benefits

Cons

• Higher fees
• Complex fee structure
• High minimum investment requirement

Fidelity

Fidelity Investments is like a household name in the world of financial services, you know?

Fidelity offers a wide range of products and services, from mutual funds to retirement plans and financial planning.

What’s cool about Fidelity is that they’re like that one-stop-shop for many investors.

Whether you’re planning for retirement or looking to diversify your portfolio, Fidelity has got something for everyone.

Key Features

• Cost-Conscious Investing: Fidelity offers a $0.00 commission on online U.S. equity trades, ETFs, and options for retail clients in a Fidelity retail account, making investing more affordable for clients.
• No Account Fees: Fidelity doesn’t charge account fees or minimums to open retail IRA accounts, providing investors with accessibility and flexibility.
• Emphasis on Education: Fidelity provides a wealth of educational resources.

Investment Options

Fidelity Investments offers a comprehensive range of investment options, catering to a diverse array of investor preferences.

Clients can choose from a variety of investments, including stocks, mutual funds, ETFs, options, bonds and certificates of deposit (CDs), precious metals, and international investments.

Fidelity also provides retirement plan participants with a range of target-date funds; as an investor gets closer to retirement age, the target maximizes itself.

Retirement Plans

Fidelity offers a variety of IRA products, including Traditional, Roth, and Rollover IRAs, to cater to different retirement saving needs and tax considerations.

Each product has unique benefits and considerations, allowing individuals to choose the one that best suits their financial situation and retirement goals.

Account Fees

Fidelity has a transparent fee structure that is easy to understand. They offer:

• Optional Trades: $0.65 per contract
• Activity assessment fee: $0.01 to $0.03 per $1,000 of principal
• Fidelity Wealth Management Services: 0.50% to 1.50%

Customer Service

Fidelity’s customer service has all the bases covered with a bunch of support channels for whatever financial pickle you find yourself in.

Need to chat? Fidelity has online chat support. Do you prefer the good old phone call? No problem, they’ve got phone support too.

Fidelity Pros & Cons

Pros

• Extensive Range of Investment Options
• No-Commission Trades
• Educational Resources
• Transparent Fee Structure
• Excellent Customer Service

Cons

• Minimum Investment for Wealth Services
• Potentially High Fees for Certain Services

FAQs

What retirement programs does Empower offer?

Empower offers a variety of retirement programs to cater to different preferences and investment levels:

• Premier IRA
• Brokerage IRA

Does Empower offer a 401(K) program?

Yes, Empower Retirement offers a 401(k) plan. 401(k) plans can help you save for retirement through pre-tax, after-tax, and Roth 401(k) contributions.

Is Fidelity better than Empower?

When it comes to choosing between Fidelity and Empower Retirement, it really boils down to what you need. As for me, I use Empower and believe it’s the better option.

Empower Retirement shines with its:

• Personalized retirement planning tools to help you tailor your retirement goals.
• Focus on retirement planning and corporate retirement plan solutions, giving you that specialized touch.

How do I roll over my 401k?

Rolling over a 401(k) can indeed seem complex, but both Empower and Fidelity offer assistance to make the process smoother.

Both Empower Retirement and Fidelity offer comprehensive financial planning services, including help with retirement planning and 401(k) rollovers.

Their expertise can help you navigate the process efficiently and potentially save money in the long run.

Final Thoughts

Deciding between Empower and Fidelity for your retirement planning isn’t a decision to rush into.

Empower really stands out with its personalized retirement planning tools and dedicated advisory services to grow your wealth.

If you’re looking for a hands-on approach tailored to your retirement goals, Empower Retirement has got you covered.

But if you’re intrigued by Fidelity, choose the one that fits your unique situation and retirement based on your needs.

So don’t put it off any longer- get your retirement started today!