Understanding the retirement planning landscape can often seem overwhelming or needlessly complicated. Between 401(k)s, pensions, Social Security, IRAs, CDs, and dividends, juggling the various sources of income becomes an exercise in endurance rather than a simple activity.
Thankfully, there’s an app for that.
Several apps have hit the market recently to help the rest of us navigate our impending retirement. Here we take a look at some of the best retirement planning apps out there.
RetirePlan - $4.99 – iOS, Android
RetirePlan uses charts and graphs to organize your income situation. You simply input basic information like your 401(k) contributions, Social Security situation, and other retirement investments and RetirePlan will show you easy-to-use graphics that outlines how much money you can expect and where it’s coming from. RetirePlan also makes it simple to input factors specific to your income situation like your spouse’s contributions, college savings, home equity, and what buying a new car would do to your retirement plans.
Retire Logix – Free – iOS, Android, Windows
Billed as an interactive calculator, this innovative app uses your specific income situation to generate a model, telling you whether or not your ideal retirement is possible. The app has you break down your expected retirement expenses into two categories: My Wants and My Needs.
Want to travel more in retirement? Retire Logix will calculate your budget for you by categorizing it as My Want. Housing, food, car payments and the like are all categorized as My Need. After coming to a total amount for your expenses, Retire Logix will compare that to your expected income in retirement, letting the user see whether their lifestyle can be possible in retirement.
Retirement Goal Planning System – Free – iPad
Although lacking the flashy name of other apps, Retirement Goal Planning System might be one of the more interesting approaches to retirement planning by focusing on your behavior instead of your wallet. Based on the latest research into behavioral finance, decision science, and psychology, this app asks questions about your personal goals in a way that encourages a thoughtful approach to your retirement goals.
Instead of simply asking what your goals are, this app poses questions about why other retirees would prioritize, say, travel over leisure. The app is also intended to be used in conjunction with their book, Thinking Smarter: Seven Steps to Your Fulfilling Retirement…and Life.
iFinance - $9.99-$29.99 – iOS, Desktop
iFinance provides an easy way to visualize your spending habits. Akin to the popular Mint app, iFinance integrates all of the user's financial information by being linked to their bank account (cash transactions are manually entered). You’re then given a complete breakdown of your spending habits. You can set a budget for specific categories and the app will send you a notification once you approach the limit.
By knowing your current spending habits, you can not only limit your spending today, but have a better understanding of what you can expect to spend in retirement. Having a more thorough understanding of your month-to-month expenses will allow you to have a more thorough understanding of just how long your nest egg will last.