Penelope.co

Penelope is the retirement savings platform for small businesses and entrepreneurs.

Our Story

As a child growing up in Los Angeles, Jean Smart watched her immigrant parents work tirelessly to provide for their family and employees. As owners of a grocery store and a restaurant, Jean’s parents valued education and hard work. While her parents took care of everyone around them, they didn’t formally invest in their own retirement, leaving them vulnerable in their later years. Jean’

s parents were an all too familiar story in the US; equal parts inspiration and cautionary tale. After a career in financial services, Jean decided to start Penelope - a 401(k) platform focused on micro and small businesses. Today, Jean and the Penelope team are on a mission to enable every small business owner and employee to build a bright financial future.

09/02/2024

Happy Labor Day from your friends at Penelope!

07/04/2024

The team at Penelope wishes you a happy and relaxing Fourth of July!

07/03/2024

There's been quite a bit in the news lately about the effectiveness of 401(k) accounts (see the big New York Times magazine cover story).

But according to the 2024 Bank of America Workplace Benefits Report, the majority of employees who do have 401(k) plans feel confident they can build sufficient retirement savings in their 401(k).

The best way to make sure you have enough in retirement: Start early and stay consistent!

But even if you didn't start early or stayed consistent, it's never too late to get into the habit.

Are you a business owner who doesn't offer a 401(k)? No need to stress: At Penelope, we offer affordable, easy-to-set-up plans that offer big financial benefits to employees and employers. And we're here to answer questions you might have.

07/01/2024

July 1 is National Financial Freedom Day!

Financial freedom means something different to everyone.

⭐It could mean retiring early.

⭐It could mean having a lot of savings so you don't have to worry about an unexpected expense.

⭐It could mean have a big balance in your 401(k).

(At Penelope, you better believe we're team 401(k) balance! 💸)

What does financial freedom mean to you? What money goals are you working to achieve? 💰

06/25/2024

Maine small business owners: The deadline to register for MERIT Saves is June 30, 2024. Or you can set up your own qualified retirement plan.

MERIT Saves has plenty of pros. But there are limits to how much employees can contribute to their accounts.

If you offer a 401(k) plan, you and your employees can invest up to $23,000 in 2024, compared to just $7,000 in a MERIT Saves account.

At Penelope, we can help you set up a Safe Harbor 401(k) in no time! Set up a meeting with our retirement specialists today.

06/24/2024

Spoiler alert: There ARE tax incentives for small business owners who provide their employees with retirement plans!

Thanks to the SECURE Act and SECURE Act 2.0, there are a number of tax benefits small business owners should know about.

You can get up to a $5,000 tax credit to cover the retirement plan startup costs, as well as a tax credit for plan contributions.

Learn more on https://eu1.hubs.ly/H09SDq10 or schedule a call with one of our retirement specialists.

06/19/2024

While Juneteenth is a day for celebration, it's also a good day to talk about the racial retirement account.

AARP reported in 2023, "Black workers ages 51 to 64 are the least likely among all racial and ethnic groups to have a retirement account, according to a July 2023 report from the U.S. Government Accountability Office. When they do have one, their median balance is far below that of similarly aged white adults across all income levels."

Read the full AARP article to understand *why* the racial retirement gap exists: https://eu1.hubs.ly/H09LBYZ0

06/16/2024

We LOVE a good dad joke at Penelope! Especially when it has to do with 401(k)s.

Happy Father's Day to all the awesome dads out there! Especially the ones who encourage their kids to start saving early for retirement!

06/13/2024

This week, the Rhode Island state legislature overwhelming voted in favor of a bipartisan bill establishing the Rhode Island Secure Choice Retirement Savings Program. 👏👏👏

Businesses with 5 or more employees will now be required to provide a retirement plan. The state will offer businesses a chance to enroll their workers in a new state-based auto-IRA program, according to 401(k) Specialist, but the mandate can be satisfied with any kind of retirement plan, including a 401(k).

The Ocean State is the 17th state in the U.S. to pass retirement mandates. And every state in New England, except New Hampshire, now has a state savings program.

06/10/2024

Happy Pride from the team at Penelope!

06/06/2024

Bank of America recently released its annual Workplace Benefits Report, which surveyed a national sample of 955 employees who are working full-time and participate in 401(k) plans.

The report found that the employees' top financial priority was saving for retirement (33%) followed by paying off credit card debt (20%).

These employees are lucky enough to have access to an employer-sponsored retirement plan—it makes it a lot easier to prioritize saving for the future, especially when there's matching contributions.

Read the full report here: https://eu1.hubs.ly/H09wmq70

05/30/2024

Today we're spotlighting the amazing Lauren Chew, founder of Love + Chew, and another awesome Penelope client!

Lauren founded Love + Chew, a healthy cookie company, from her small apartment in San Francisco in 2018. At first it was a side gig, and Lauren hand-delivered her plant-based protein cookies to local groceries and coffee shops. Now Love + Chew cookies are distributed across the country in stores like Whole Foods, Sprouts, and even some Costco locations!

Lauren is also the mother of two young kids, and she was a 2022 Tory Burch fellow.

Not gonna lie: Love + Chew might be one of Penelope's most delicious clients! Thank you, Lauren!

Address

New York, NY

Website

http://www.penelope.co/

Alerts

Be the first to know and let us send you an email when Penelope.co posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Shortcuts

Want your business to be the top-listed Finance Company in New York?