The Best Apps for Planning Your Retirement

Retirement planning can be so much simpler with these great apps.

Chances are you started planning for retirement years ago through regular savings, a 401(k), or investments. Now more than ever, access to your retirement accounts are at your fingertips in the form of smartphone apps.

Whether you’re looking to check your 401(k) or keep an eye on the stock market, you’ll always be able to know where you stand in terms of retirement. While these apps are helpful for checking where you stand when it comes to retirement, it’s important to know that these apps are more for daily guidance than to use for setting a firm retirement goal.  

Mint

One of the biggest and most popular budgeting apps currently available, Mint is a great way to save. The app allows you to set long-term financial goals, including those for retirement, and budget for them. Besides allowing you to budget money into different categories and follow your spending, Mint shows you long-term trends and annual net worth.

AARP Retirement Calculator

AARP is one of the most trusted names in retirement so it’s no shock that they have their own free mobile app for retirement planning. After downloading the app, users will answer a series of basic questions like marital status, age, salary, and other pertinent information. After the questions, the app will let you know if you’re on track for your retirement goals. If you’re not currently reaching your goals, the app will suggest what you can do to get on track.

Vanguard Retirement Nest Egg Calculator

This is a more advanced version of the AARP Retirement Calculator as it goes beyond basic data to provide multiple retirement projections. You enter your portfolio’s balance, how much you spend from your portfolio each year, how much of your portfolio is invested in stocks, your bank accounts, and how much money you currently have. From there the app performs a simulation using historical data and projects your balances year-to-year.

Credit Karma

While it’s important to know your credit score at any point in your life, that’s especially true when planning for retirement. Credit Karma allows users to be proactive about their credit score. Instead of using your three free credit checks a year, Credit Karma lets you check whenever you want without hurting your score. The app also notifies you of any changes to your report and provides tips and analysis to improve your credit.

RetirePlan

This $4.99 app provides users with a spreadsheet that includes information on when they can retire and how much they need to save. The app’s sliders allow you to input your current savings, projected savings, Social Security, and other important data points when it comes to retirement.  From there, the app will send you a spreadsheet of the different outcomes on each plan, allowing the user to visualize different scenarios.

 

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