Renew.com, a senior benefits and pension platform has raised $3m in Series A funding from Venrock and Expa among other investors.
How it works, once the employer agrees to use the site as a resource, is the retiree signs up on the site and then the employer sends a lot of the retiring employee’s info to Renew. Renew then curates a list of recommended benefits to suit the retirees’ particular needs. The retiree then chooses the package they think works best for them and Renew walks them through the process to get set up.
American companies started to shift away from pensions and healthcare benefits packages for retirees in the mid-1980s, leaving the last bit of the boomers without the same compensations their parents enjoyed at the sunset of their careers. Add that to the fact that roughly 10,000 people in the baby boomer generation are expected to retire each day between now and the next decade and you can imagine there’s a lot of work about to go into helping them with the shift to their golden years. Renew says it wants to help baby boomers get the right benefits for them. “Retirees used to leave work with a host of benefits… They now leave with a cardboard box with a few picture frames from their desk,” co-founder Kevin Nazemi told TechCrunch.