Digital tools are plentiful if you want to manage your finances and put money down for retirement. Some are free, but others have a one-time or recurring membership cost. Depending on how much involvement you want in your retirement plan, different tools will work better for you. Some give you a broad overview, while others walk you through a challenging procedure step-by-step. You can get help from self-directed IRA experts to choose the right tool.
Betterment App
Betterment offers to assist you in creating a retirement strategy. Once you register and provide information about your identity, place of residence, and financial circumstances, you can receive help with retirement savings, goal investing, and retirement planning. You can monitor your spending, track your net worth, and change the app to suit your changing needs and lifestyle. Betterment provides stock and bond investing advice for $4 per month or 0.25% per year, based on your account balance.
Charles Schwab Retirement Estimator
Charles Schwab’s free retirement savings calculator can help you determine whether you have enough saved for your expected annual retirement expenses. The calculator accepts your current age, expected retirement age, and preferred investments. Your monthly savings and retirement savings are entered alongside your current income.
The calculator asks how much you want to spend annually on retirement and when you want to start receiving Social Security benefits. An overview of your expected retirement savings and the required savings are then given to you by the tool. It advises changing a few factors, like your annual contributions or retirement age, to ensure you have enough savings by retirement.
Retirement Fidelity Score
Make quick assessments of your savings plan with this free tool. Six questions about your age, income, savings each month, anticipated retirement lifestyle, and investment style are answered. Your answers will determine your score on the tool. You can also see how changing certain parameters, such as your retirement age, living standard, or monthly savings, affects your score.
Empower Platform
Empower gives users access to financial management tools and an investing platform. The planner allows you to link your accounts, enabling it to assess your spending patterns, savings, and net worth. There are fees associated with the $100,000 minimum investment. You will pay costs of 0.89% if your investment is less than $1 million. Using the retirement planner feature, you can view your projected income from Social Security and other sources and how adjustments may affect those amounts.
Financial advisors are available to help you discuss and set goals and monitor your progress toward those milestones.You can enter your age, anticipated retirement age, an annual income before taxes, savings amount, and current monthly retirement contribution, among other details, into Stash’s free retirement calculator. The tool estimates how much money you’ll need in retirement based on this data and how much you should have saved.
Retirement Stash Calculator
The difference between what Stash recommends you accumulate based on the information you entered and what is expected of you is visually represented by these two figures. The calculator also provides an analysis of your current savings plan and resources to help you understand your retirement financial needs.
Comprehensive Retirement Planner
You can make a detailed and personalized financial plan for both before and after retirement with this $89.99 planner. To forecast retirement expenses, it includes information on inflation, including a distinction between general inflation and health care inflation. If you are married, you can enter the annual amounts for each spouse in different categories, such as multiple sources of income, Social Security income, health savings accounts, traditional 401(k) and IRA contributions, and investment return rates.
To determine when to begin withdrawing funds from your 401(k) or IRA, you can utilize it. Notes in-depth on complex topics like standard tax laws, Social Security benefits, and Medicare expenses are available.
NewRetirement Free Calculator
NewRetirement assists you in estimating your retirement income, net worth, savings requirements, and the date you can retire if you need to know how much you’ll need. You can also examine what-if scenarios with this free retirement calculator to see how a few adjustments to timing and savings might affect your retirement lifestyle.
WealthTrace Retirement Planning Software
This user-friendly planning software gives you a comprehensive picture of your retirement and financial status. Your balances will always be current because the software automatically updates daily after importing and linking accounts. You can assess your retirement savings, determine when your resources will run out, and receive online plan guidance from a WealthTrace expert. Additionally, you can test various scenarios to see how to handle unforeseen circumstances or financial difficulties. The annual cost of the basic individual plan is $229.
Titan’s Calculator
Titan’s calculator lets you estimate how much you’ll need in retirement based on your current situation by providing details about your finances and plans. It estimates your rate of return based on historical average growth rates, but you can change the rate to reflect a more aggressive or conservative investment approach. The tool additionally assumes a 3% inflation rate and annual salary increases of roughly 2%. It indicates your progress toward your objectives after analyzing your financial situation. A minimum of $500 must be deposited into your account when you first sign up to invest. Fees are based on the kinds and amounts of investments you make.
Bottomline
You can save less money for retirement at times and more at others. To make sure you stay on the planned path, it’s critical to get as close to your savings goal as you can and track your progress at each benchmark.