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Gone are the days when social media was used to look at new photos posted by a high school rival or to listen to the same music tracks as a love interest. Social media is now at the forefront of the buyer's decision-making process. Yep, you read that correctly. Social media now tells you what to buy. According to a Curalate Consumer Survey, around 76% of consumers admitted to buying a product they spotted on a brand's social media post.
But not just consumer products get the nod from big brands on their socials. Financial products — including advice on when and how to retire — are also prevalent on these platforms. While it’s not all bad, knowing how social media can influence your decision-making is important.
Originally published: October 2, 2024
When it comes to social media, it’s important to know where the advice is coming from. Understanding that those who use social media to disperse advice or gain a following only say and show what they want you to see, will go a long way into taking advice with a pinch of salt.
Before following advice on social media, check the following:
Financial social media advisers play a large role in the financial literacy of modern investors. The information online is accessible and digestible. However, the dark side to this easy access is that the information can also be laced with inaccuracies or be downright misleading.
Despite this, many in the US rely on social media to make their financial decisions. A FINRA study shows that 60% of American investors under the age of 35 turn to social media for their financial information.
Social media is everywhere and contains just about everything we need to fulfill our social, retail and entertainment needs. But sometimes it’s important to filter out some of that information so that we’re not tempted to follow bad advice.
Some ways to do this, include:
This article is for informational purposes only and does not constitute financial, tax, or investment advice. Consult a qualified financial professional before making retirement planning decisions.
Disclosures
The information on this page is provided for educational purposes only and is not intended as investment, legal, or tax advice. It is designed solely to illustrate how longevity-linked investment benefits may work under certain assumptions. Actual results will vary. All illustrations, examples, and case studies are hypothetical and are intended to demonstrate potential scenarios — not to predict or guarantee actual outcomes. They do not represent the performance of any individual investor, portfolio, or account.
Key Assumptions Used in the Illustrations
Life expectancy and mortality projections are based on the most recent Social Security Administration (SSA) tables available at the time of simulation.
In the event of death or early withdrawal, hypothetical scenarios assume that investors who exit early, or their estate in the event of death, may receive 75% of the lesser of the initial investment or current market value, plus 1% for each full year the account was active. Case studies assume standardized market growth of 8% annually and do not incorporate unexpected market volatility, inflation, changes in interest rates, or changes in an investor's personal circumstances.
Simulations may assume a 3% annual early withdrawal rate prior to payout or death. All figures shown are net of fees. No forecast, projection, or hypothetical return should be relied upon as a promise or representation of future performance.
Past performance is not indicative of future results. The 8% annual market growth rate used in illustrations is a standardized assumption for modeling purposes only and does not represent the historical or expected performance of any specific investment. Note that early or voluntary withdrawals by other participants can affect fund performance and the size of distributions, and that a higher-than-expected number of participants reaching payout milestones may reduce the per-participant benefit received.
Savvly's Longevity Benefit is not a bank product, not FDIC insured, not insured by any federal government agency, not a guaranteed or insured investment, and not insurance. Investment values may decline.
Savvly's Longevity Benefit may not be suitable for all investors. Eligibility to invest is subject to qualification requirements and not all investors will be eligible. Investors should carefully consider their investment objectives, risk tolerance, time horizon, and financial situation before investing. See savvly.com/disclosures for current eligibility criteria, fees, risks, withdrawal terms, and fund assumptions.
This content is published by Savvly, Inc. Savvly has a financial interest in the products described and this content should not be interpreted as independent financial research or analysis. Investors should carefully evaluate their own circumstances and consult a qualified financial professional before making any investment decision.
