Plootus is a free (for now) financial planning platform that analyzes your 401(k) plan and recommends the proper asset allocation for your investment goals. It also identifies the lowest-cost options to help you save on fees.

These days, most employees participate in defined contribution plans through their work. But employers don't do the best job of providing their employees with educational resources to help them make the best investment decisions for their 401(k) or 403(b) plans. Can Plootus help? Find out in this full review. 

What Is Plootus?

Plootus is a financial technology company (fintech) that offers free financial planning tools to help ensure that you are on track for retirement. Plootus's platform allows you to search for your employer 401(k) 403(b), 457, or TSP plan. It's AI-powered algorithm will analyze your financial data to estimate your income needs at retirement, and will make recommendations about the investment/funds you should select inside your retirement account. It also takes investment fees into account to ensure it is recommending the most cost-effective solution.

What Does It Offer?

Here's a closer look at how Plootus works to help you plan for retirement. 

1-Step Process

Plootus refers to its service as a 1-Step Process. You can use its search engine to locate your employer-sponsored retirement account. From there, Plootus will analyze the available investments and make recommendations based on your risk profile. It looks at your current spending patterns and estimates your future retirement income needs. 

401(k) Recommendations

After analyzing your employer-sponsored retirement accounts (401(k), 403(b), 457, TSP, Plootus will provide you with specific recommendations for how you should invest. It focuses on low cost, well-diversified portfolios that are rebalanced over time to stay aligned to your risk-level and investment goals. Plootus aims to provide you with a recommendation within a week of you linking your 401(k) account. However, it can sometimes take up to 30 days. 

Ongoing Support

While you can quit the platform after you receive your 401(k) recommendation, Plootus will provide ongoing monitoring of your investment performance and make recommendations if it feels changes to your asset allocation are necessary. There is no cost involved. 

Can Plootus Provide Recommendations For My 529 Or IRA Plans?

At this time, Plootus only works with employer-sponsored retirement plan accounts. However, the company is considering adding more account types in the future, such as 529s and IRAs.  

Plootus Mobile App

In addition to its web platform, Plootus has a mobile app available for iOS and Android devices. If you don't want to manage your Plootus account on your own, you can delegate access to a financial advisor. And Plootus allows makes it possible to financial advisors to access multiple Plootus accounts. 

Are There Any Fees?

At this time, Plootus is completely free to use, and there are no hidden fees. However, the company does point out that they may start charging a fee in the future, similar to a monthly subcription model used by streaming services such as Netflix or Disney+. There are no contracts to sign, and you are free to leave the platform at anytime. 

How Does Plootus Compare?

The service Plootus offers is unique in that it's limited to employer-sponsored retirement accounts. At least for the time being. If you're looking for more comprehensive financial planning tools that can help you manage all of your financial goals, you might want to consider platforms like ProjectionLab or Boldin. 

ProjectionLab helps you model your finances around your values and the type of life you want to live. It allows you full control over the inputs, including your goals, timelines, and assumptions. For example, if you're trying to decide whether it's better to rent or buy your next home, or determine the financial implications of starting a family, ProjectionLab can help. 

Boldin (formerly NewRetirement) offers both free and paid plans to help people plan for retirement. You can get a free analysis of your retirement income vs. expenses within minutes, or pay an annual fee for more detailed analysis, including multiple scenarios, detailed charting, plan monitoring, budgeting, tax modeling, and more. 

How Do I Open An Account?

You can sign up with Plootus by selecting "Get Started" on its website homepage. From there, you'll be prompted to select your employer's 401(k) and link your bank accounts, credit cards, brokerage, and retirement accounts to the Plootus app. Plootus will use this information to estimate how much money you will need during retirement. 

Is It Safe And Secure?

Plootus takes several steps to ensure that your data is kept secure. They collect very little personal information from clients, and do not ask for a Social Security number or your specific home address. When connecting your bank accounts, Plootus does not collect or store your login details, rather they use a partner aggregator that employs bank-level security, including 256-bit encryption.

Contact

Plootus does not provide support via telephone. Your only option is to contact them by email at support@plootus.com. They monitor their email account during business hours, Monday to Friday. 

Is It Worth It?

If you're enrolled in an employer-sponsored retirement plan account, but don't know if your money is invested properly or if you're on track to meet your retirement goals, Plootus may be worth trying out. There is no cost, no contracts, and setting up your 401(k) for analysis seems like a very simple process. Of course, you will have to link your accounts to get the most accurate recommendations. If you need support beyond your 401(k), then should probably skip Plootus and choose a more comprehensive financial planning tool or consider dealing with a financial advisor. 

Check out Plootus here >>

Features

There are over 43.2 million student loan borrowers that have a total of $1.73 trillion in student loan debt. Here is the average student loan debt balance by state.

While the average balances across the United States hover in a range, Washington DC has the highest average student loan debt, while North Dakota has the lowest average student loan debt.

Here's a breakdown of the average student loan debt by state in 2024. Make sure you check out all of our student loan debt statistics.

Nationwide Student Loan Fast Facts

The descriptive statistics below reflect the state of student loan borrowers across the United States through the third quarter of 2023. However, the delinquency facts in the table below are likely skewed because of the repayment restart.

Note, given the pandemic and all federal student loan payments being paused, the average student loan payment data is skewed. You can see the past average student loan payment and average student loan debt by graduating class here.

Although debt levels continue to rise, some student loan borrowers are seeing their debt loads fall. Nearly half (49%) of all borrowers who took out loans to pay for their education have paid the loans off in full. 

Among current borrowers, 31.4% saw their debt loads shrink in 2023. 

Student Loans By State Fast Facts

While the nationwide debt statistics paint a concerning picture, the actual debt loads vary significantly from state to state within a range of about $30,000.

While it's expected to see that California has the most borrowers, it's interesting to see some of the other data.

*Washington D.C. is a district rather than a state, but its average student loan balance is a whopping $54,945.

Student Loan Debt By State Breakdown

You can see a state by state breakdown of the student loan debt situation below.

Once you've completed your 5 consecutive years, you can apply for forgiveness under the program. 

Note: You cannot combine both PSLF and Teacher Loan Forgiveness.

A circumstance where it might not make sense is if you don't plan on working for 10 years. If you meet the 5 year criteria, and don't plan on teaching any longer, Teacher Loan Forgiveness could make sense.

Another circumstance where it could make sense is if you haven't consolidated your loans and have FFEL loans. Since FFEL loans don't qualify for PSLF, you could do Teacher Loan Forgiveness first, then consolidate your loans and go for PSLF. 

The difficult part of Perkins loans is that they are administered by your college where you received the loan. In order to apply for forgiveness, you need to reach out to your loan servicer or the financial aid office where you received the Perkins Loan.

Note: Perkins Loans stopped in 2017. It's pretty rare for a teacher to still have these types of loans.

Option 4. State-Based Loan Repayment Assistance Programs

45 states and the District of Columbia all offer state-based student loan repayment assistance programs. These programs are designed to help states staff teachers in areas or programs where they have shortages. 

We have a complete list of state-based student loan forgiveness programs here: Student Loan Forgiveness Programs By State.

It's important to note that, while you may qualify for multiple programs, you cannot overlap programs. For example, if you qualify for a state-based program, you cannot qualify for PSLF at the same time - you would need to do it sequentially. 

That's why it's important to look at the value of the state-based program and your own situation prior to signing up for any program.

You can potentially use a 529 plan to pay for trade school, vocational school, and apprenticeships.

If you or your family have saved money for your education within a 529 plan, you can use those funds to pay for qualified education expenses without tax implications. 

But how about students who opt to attend a trade school instead of a traditional college or university? Can you still use the funds in your 529 to cover college costs?

We explore what the funds in your 529 can be used for, whether apprenticeships are eligible, and share some tips of how to fill any potential funding gaps. 

Can You Use A 529 To Pay For Trade School?

Yes, the funds in your 529 can be used to pay for an eligible trade school. Although not all vocational schools are eligible, many are. 

Which Vocational Schools Are Eligible?

You can use the money in a 529 to cover the cost of an education at certain vocational schools. Qualifying trade and vocational trade school programs must be sponsored by schools that are eligible for Title IV federal student aid.

In order to determine if the institution you have in mind accepts federal aid, search for a Federal School Code on the Free Application for Federal Student Aid (FAFSA).

It requires a bit of research, but you can often find a vocational or trade school offering the skill you want to learn that is eligible for your 529 funds. For example, in Ohio, the Ohio Department of Higher Education operates 50 career centers across the state that are eligible for 529 fund use.

Are Apprenticeships Eligible?

An apprenticeship is often a viable alternative to a traditional trade school or vocational school path. Generally, an apprenticeship is a long-term, paid working program that includes both on-the-job training and classroom instruction.

In some cases, you can use 529 funds to cover expenses related to an apprenticeship program. But the apprenticeship program must be registered and certified with the Secretary of Labor to qualify. 

What Expenses Can You Cover With A 529?

As mentioned, if you are attending an eligible trade school or apprenticeship program, you can use the funds in your 529 to cover certain expenses. Qualified expenses include:

• Tuition
• School fees
• Textbooks
• Supplies and equipment required for attendance, including tools
• Computers
• Room and board 

If you use the funds in your 529 to pay for a non-qualified expense, you’ll have to pay federal income tax and a 10% penalty on the earnings. 

How To Fund Any Gaps

In most cases, trade school students with a 529 will be able to use plan funds to pay for their education. However, in some cases, you might need to reconsider which trade school you choose to attend. 

Depending on your situation, your 529 account may or may not have enough funds available to cover all of your education costs. If you can’t pay for all of your trade school expenses using 529 funds, you’ll need to come up with some other ways you can pay for the remaining costs. We outline the best ways to fund the remaining costs from most ideal to least efficient below:

• Scholarships. When you win a scholarship, you can use the money for school and you won’t have to pay it back. Try to apply for at least 50 scholarships to land money for school. Use our guide of scholarships by state to help you find scholarships to apply for. 
• Grants. Grants are another type of financial award that you don’t have to pay back. 
• Personal savings. If you’ve worked during high school or have funds tucked away from holiday presents, consider tapping into those funds to cover your educational costs. 
• A part-time or summer job. It’s usually possible to work while you attend school. Even if you can’t work and attend class at the same time, it’s often possible to work a summer job to build up funds to cover your next semester. Don’t overlook your earning potential as a way to pay for school.
• Employer tuition reimbursement programs. Some employers offer tuition reimbursement as a perk of working for them. A few employers offering tuition reimbursement include Carhartt, Carvana, and Nvidia. When looking for a job, it might be helpful to include employers who offer this perk in your search. 
• Help from relatives. If you have relatives who want to help you pay for school, that’s always a welcome source of funds. 
• Student loans. It’s possible to pay for trade school costs with student loans. But since you’ll have to repay the funds with interest, these should be treated as the last option.

When it comes to paying for school, don’t be afraid to get creative. Generally, it’s a good idea to limit the amount of student loans you take on. After graduation, you’ll be grateful you did everything you could to avoid taking out more loans than you needed to. 

The Bottom Line

It’s possible to use a 529 to fund your trade school education. Although there are limitations on which vocational schools are eligible, many are. Do you research before signing up for classes to ensure you are able to use the funding source you had in mind to pay for school without any penalties. 

Black Friday and Cyber Monday aren't just for kitchen gadgets, technology, and fashion. It's also a great time to take advantage of savings and bonus offers for personal finance products and tools.

Right now, we're seeing a ton of offers for bank sign-ups, investment tools, and other personal finance apps. Some of these prices are the lowest we've ever seen.

If you've been looking for an excuse to open a new savings account or try that budgeting app, these Cyber Week deals could help you make the decision!

Banking Bonus Offers

Here are some popular banking promotions:

Barclays - $200 For New Tiered Savings Accounts

Barclays is offering a $200 bonus to new bank customers who open a Tiered Savings account and deposit at least $25,000 within the first 30 days. You'll need to maintain at least $25,000 for the next 120 days, and the $200 bonus will be added directly to the account. Terms apply. 

Check out Barclays Tiered Savings here >>

Raisin - Earn $10 for Every $5,000 Deposited

Raisin, the popular brokered savings app, is offering new customers $10 for every $5,000 deposited with code CYBER. See site for important details.

Check out the full Raisin promotion here >>

Budgeting And Personal Finance Apps

Here are some deals for budgeting an personal finance apps:

Monarch Money - 50% Off

Monarch is one of our best budgeting app picks for 2024, and they are currently offering 50% off your first year with code BF2024. Offer is valid from November 27 to December 2, 2024.

Check out Monarch Money here >>

PocketSmith - 30% Off Annual Plans

PocketSmith is a budgeting app and net worth tracker that has a lot of features. Right now, they are offering 30% off all annual plans through December 2, 2024.

Check out PocketSmith here >>

Quicken Simplifi - 67% Off

Qucken Simplifi is a very popular budgeting app from the makers of Quicken. They are currently running a promotion where you can get 67% off when you sign up by December 4, 2024 for an annual subscription.

Check out Quicken Simplifi here >>

Investing Apps And Tools

Here are some popular promotions for investing and retirement apps:

Benzinga Edge - 75% Off

Benzinga is a popular stock picking tool that provides trade insights, market movement, and more. They are currently offering 75% off for Black Friday!

Check our the Benzinga promotion here >>

Ledger - $70 Of Bitcoin

Ledger is running a promotion for Black Friday where if you purchase a Ledger Flex ($249), you can get a voucher for $70 in Bitcoin.

Check our the Ledger promotion here >>

Snowball Analytics - 30% Off

Snowball Analytics is one of the best portfolio tracking tools available, and they are currently offering 30% off all subscriptions from November 25 to December 4, 2024.

Check our the Snowball Analytics promotion here >>

Credit And Identity Protection

Here are some promos related to credit and identity protection:

Aura - Up To 75% Off

Aura is currently offering up to 75% off their identity protection and credit monitoring for Black Friday.

Check out Aura here >>

Dashlane - Up To 50% Off

Dashlane is a fantastic password manager and is currently offering up to 50% off for Premium Plans and 35% off for business plans. If you're looking for a password manager, check out this deal.

Check out Dashlane here >>

DeleteMe - 25% Off

DeleteMe is a service that removes your personal information from the web (those aggregator sites). I've covered my use of DeleteMe here in my article about how to De-Google your life. But right now, DeleteMe is offering 25% off for Black Friday.

Check out DeleteMe here >>

Financial Education And Learning

Here are some great financial education products with promotions:

Brilliant Bookkeeper - 50% Off

The Brilliant Bookeeper course gives you an A-Z education in bookkeeping, how to approach clients, and how to deliver your services. Whether you just want to make some extra cash on the side… or if you want to use this as a springboard to launch your bookkeeping empire and scale all the way to multiple six-figures, seven-figures, or beyond… then this is the side hustle for you. This course will be on sale from Friday November 29, 2024 through Monday, December 2, 2024.

Check out Brilliant Bookeeper here >>

Jen Henson ACT Prep - $649 Group Intensive

Jen Henson ACT Prep (who is probably one of the best in the business) is offering a fantastic deal on group ACT test prep - just $649 for seventeen classes! This is best for students with a 21-26 ACT score that want to improve it. Offer valid until November 30, 2024.

Check out Jen Henson test prep here >>

PFC Investing Course (Build Wealth By Investing In Index Funds) - 30% Off

The Build Wealth By Investing In Index Funds, the signature investing course from Personal Finance Club, will be 30% off on Black Friday until Cyber Monday. The price will be $69, down from $99.

Check out the Build Wealth By Investing In Index Funds Course >>

PFC All-About-Money Course (How To Money Like A Millionaire) - 30% Off

How To Money Like A Millionaire is the all-about-money course from Personal Finance Club. It will be 30% off on Black Friday until Cyber Monday. The price will be $69, down from $99.

Check out How To Money Like A Millionaire >>

Princeton Review - $400 Off SAT/ACT Essentials

Princeton Review is offering $400 off their SAT or ACT Essentials course if you sign up online with the voucher code BlackFriday400.

Check out Princeton Review here >>

Salchow Coaching - 25% Off

Colleen Salchow offers financial coaching for couples, teens, and families. She is offering 25% off individual coaching programs for the rest of 2024!

Check out Salchow Coaching here >>

White Coat Investor Courses And Books - 20% Off

The White Coat Investor is offering 20% off on all courses and books until December 2, 2024, with code SAEV20 at checkout.

Check out The White Coat Investor Courses here >>

Other Products And Services

Here are some finance-tangential related products and services.

Mint Mobile - 3 Months For $15/mo

Mint Mobile is one of our favorite low-cost cell phone providers, and they are currently running a Black Friday special of Unlimited Premium Wireless for $15/mo for 3 months.

Check out Mint Mobile here >>

NordVPN - 74% Off

NordVPN is a popular VPN service and is currently offering 74% off AND 3 extra months free.

Check out NordVPN here >>

Verizon - Up To $1,000 Off A New Phone

Verizon is running a Black Friday sale where you can get $1,000 off a new phone with select trade ins and select plans. 

Check out Verizon here >>

Other Amazing Bonus Offers

Don't forget that many banks and brokerages offer awesome bonus offers all the time.

We keep a list of the best promotions going on here:

• Best Bank Bonus Offers And Promotions
  
• Best Investing Promotional Offers
  
• Best IRA Match And Transfer Bonus Offers