What Inspires Us?
At Lifetime Income Technologies, Inc. (LIT) we believe that more than 45% of the US population does not have access to an employer sponsored retirement savings system that works for them. We are here to create one!
401k as a retirement savings system has failed for more than 90% of the US population, as 401k tax deferral advantage favors high income earners only. Complexity in delivering these benefits under ERISA regulation have resulted in high costs and increased exposure to fiduciary risk for the employers. The nature of work has changed with an individual having 12-14 employers throughout their work life instead of 3-4, leading to low savings per plan account and early cash out of small balances. These challenges have also created a massive access gap. More than a third of the US working population has no access to any future savings system. Lastly and most concerning to us, is that the median 401k balance for a 65-year-old or older produces an estimated monthly income of $350 per month for life. That’s less than 3 weeks of groceries per month for the average person in the US. This is why we want to make a BIG impact. This is NOT good enough!
Co-Founder / CEO
Widely recognized as an industry leader and innovator, Mr. Castineiras was Named “Top 100 Most Influential People in the Retirement Industry” and one of the “Top 25 Hispanic Executives” by respected industry publications, was Founder and CEO of 4 innovative companies and Chairman of the Board of Directors of 3 businesses affiliated with Prudential Financial, and holds 3 patents and 16 trademarks.
Co-Founder / COO
With three successful exits and 22 patents, Narinder Makin is an experienced executive and technologist with a demonstrated history of building a variety of health care, finance, retail and media technology platforms. He is skilled in architecture, design and development of business applications and model driven development tools. With his passion to solve for a major societal financial issue affecting the masses, he co-founded Lifetime Income Technologies.