Lilly and Atomic to give Americans an easier way to save for retirement

By Leandra Monteiro

Lilly, a company that gives credit card users the chance to transform cashback rewards into retirement savings, has announced its partnership with Atomic Invest, who creates APIs that enable FinTechs and other financial institutions to offer investing experiences. Together, they will help average Americans convert existing and future cashback rewards into traditional and Roth IRA deposits, and then invest.

According to Lilly, the average American earns roughly $375 to $570 each year in cash back rewards. Many don’t even realize the money is there. Using a standard Roth IRA and assuming a 7% rate of return, those rewards could grow to more than $60,000 over 30 years, with no change in consumer behaviour.

“The average American doesn’t have the same financial and educational opportunities as wealthier investors,” said Kori Handy, Lilly’s founder. “People delay saving when they are living paycheck to paycheck, and that puts them at a disadvantage for retirement.”

Lilly also offers retirement rewards on their platform from more than 1,500 stores. These rewards can be deposited into a traditional or Roth IRA. Users can connect any bank card, and then Lilly does the rest.

“Our mission is to be the easiest way to save for the future. Everyone deserves the opportunity to retire with extra money in the bank,” said Handy. “For the user, we want retirement savings to be set and forget.”

Atomic Invest allows Lilly users to easily invest. Their platform allows users to easily allocate savings into fully diversified portfolios with advanced benefits like direct indexing, tax-loss harvesting, and ESG investing – all with no account minimums.

Atomic, CEO, David Dindi said, “We’re proud to partner with Lilly to help average Americans save and invest for retirement. It’s an underserved market that has historically been shut out from the investment opportunities available to wealthy investors.”