There are numerous digital choices available if you want to track your savings and budget for your retirement years. While some are free, some have a price or require a recurring subscription fee. The best fit will depend on how far you want to go into your retirement plan, as some products provide a fantastic overview while others take you step-by-step through every action.
The top software and tools for retirement planning include:
- Betterment App.
- Charles Schwab Retirement Calculator.
- Retire Inspired Quotient Tool.
- Fidelity Retirement Score.
- Stash Retirement Calculator.
- The Complete Retirement Planner.
- NewRetirement Calculator.
- Playing With Fire Retirement Calculator.
- WealthTrace Retirement Planning Software.
Here is a list of these choices, together with details on their prices and key characteristics.
Betterment provides assistance with creating a retirement plan. You can get assistance with saving for retirement, investing towards a goal, and retirement planning after opening an account and providing basic information about yourself, where you live, and your finances. With the app, you can keep tabs on your spending, monitor your net worth, and adjust as your requirements and lifestyle do. Depending on your account balance, Betterment’s stock and bond investing advice is available for 0.25% per year or $4 per month.
Charles Schwab Retirement Calculator
A free retirement savings calculator from Charles Schwab will help you determine whether you are saving enough to cover your anticipated annual retirement costs. You provide the calculator with information such as your present age, anticipated retirement age, and investment philosophy. Additionally, you enter your present income, retirement savings, and monthly saves. The calculator requests information on your anticipated Social Security benefit start date and anticipated annual retirement spending.
The programme then presents an overview of your anticipated retirement funds as well as the necessary savings for retirement. In order to achieve your savings requirements by the time you retire, it offers ideas for what to adjust, such as your retirement age or annual contributions.
Retire Inspired Quotient Tool
The free R:IQ tool will ask you to describe your ideal retirement. You’ll also list your present salary, the monthly income you’ll probably need in retirement, the number of years you plan to work till retirement, and your current savings. Using your present investments, the R:IQ tool enables you to determine how much retirement income you can anticipate having. It also illustrates the amount of savings required to meet your retirement objectives. You can use the tool to set monthly savings goals that will help you realise your retirement vision.
Fidelity Retirement Score
Utilise this free tool to quickly evaluate your savings plan. You respond to six questions regarding your age, income, amount saved currently, amount saved each month, expected standard of living in retirement, and investment strategy. Based on your answers, the tool will assign you a score. You can also examine how your score changes if you alter key variables like your monthly savings, your expected level of living in retirement, or your age at retirement.
Access to a platform for investment and tools for money management are available through Empower. The planner may analyse your savings, net worth, and spending patterns by connecting to your accounts. There are expenses and a $100,000 minimum investment requirement. Fees will cost you 0.89% of your investment if it is less than $1 million. The retirement planner function allows you to view your projected Social Security and other income as well as how potential changes may affect those amounts. To discuss and define goals, as well as to monitor your progress towards them, you might turn to financial advisors.
Stash Retirement Calculator
With the help of Stash’s free retirement calculator, you may enter information such as your age, anticipated retirement date, annual gross income before taxes, amount saved, and monthly retirement contribution. The calculator uses this data to determine how much money you should have in retirement and how much you’ll probably need.
To compare the amount you’re on pace to have with the amount Stash advises you accumulate based on your entered data, these two values are graphically displayed. The calculator also analyses your existing savings approach and provides links to additional information on your retirement financial requirements.
The Complete Retirement Planner
For $89.99, you may use this planner to make a complete and personalised financial plan for both before and after retirement. In order to project retirement costs, it contains statistics on inflation, including a distinction between general inflation and health care inflation. If you’re married, you can enter annual amounts for each spouse in a variety of categories, such as Social Security income, multiple income sources, health savings accounts, standard 401(k) and IRA contributions, and investment return rates.
It can be used to determine when you should begin receiving payouts from an IRA or 401(k). Complex issues including Medicare costs, Social Security benefits, and general tax regulations are covered in integrated notes. For tracking cash flow, the planner displays total revenue vs total expenses for each year.
If you’re unsure of how much money you’ll need for retirement, NewRetirement can help you calculate your retirement income, your retirement eligibility date, the required amount of savings, and your overall net worth. You can explore what-if scenarios with this free retirement calculator to see how a few adjustments to time and savings can affect your retirement lifestyle. For instance, you can see what would happen to your finances if you continued to work part-time and received 50% of your present salary for three more years after your intended retirement age.
Playing With Fire Retirement Calculator
This free calculator demonstrates when you’ll be able to reach financial independence if you’re considering retiring early. Your age, yearly income, yearly spending, current net worth, the distribution of your assets, and anticipated rate of return on investments must all be entered. Then you can analyse how raising your savings level or making other lifestyle adjustments might enable you to retire even sooner.
WealthTrace Retirement Planning Software
You may receive a thorough overview of your financial and retirement condition with the help of this planning programme, which is simple to use. The software will automatically update each day after you import and link accounts, keeping your balances up to date. You can assess your retirement savings, determine when your resources will run out, and get online advice from a WealthTrace expert as you work through your plan. Additionally, you’ll be able to test out various scenarios to see how you’d react to unforeseen events or financial difficulties. The entry-level individual plan costs $229 per year.
Titan’s calculator will estimate how much you’ll need in retirement depending on where you presently stand after you provide a few data about your personal finances and plans. It estimates your rate of return using historical average growth rates, but you can change it if your investment approach is more aggressive or conservative. The calculator also makes the assumption that there will be an annual pay increase of roughly 2% and a 3% inflation rate.
It reveals how near you are to achieving your goals after looking at your money. A minimum of $500 must be in your account when you sign up to begin investing, and fees vary depending on the types and amounts of your investments.