Saving for retirement and managing your finances look a lot different for you than it did for your parents and grandparents. Not only do you have more options, but technology gives you access to your funds at the touch of a button.
Understanding the tools that are available to you to guide your retirement journey helps you implement them into your strategy. Here, we’ll share the must-have apps for retirement finances to help you manage them with ease, so you can enjoy your Golden Years without stressing your funds.
1. Vanguard’s Nest Egg Calculator
As one of the largest investment companies in the world, Vanguard’s leaders know how to manage money. The company boasts global assets worth more than $3.5 trillion dollars, and it’s not surprising that it uses part of its resources to make managing money easier, passing those tools on to you.
Vanguard’s Nest Egg Calculator, available both as a standalone online tool and as part of its mobile app, is a free retirement planner that helps you determine your financial goals. With the calculator, you get a clear picture of your financial health and a resource to guide you as you move toward reaching your ultimate target.
2. Retirement Planner
You’ve decided to invest but are unsure where to allocate your funds. The Android app’s Retirement Planner is your next step.
This free and user-friendly app is a helpful tool that guides users as they determine how to create a retirement portfolio. It includes features that take your ideal investment and project its growth according to the formulas embedded in a 401(k), traditional IRA, Roth IRA, or Roth 401(k). Using these projects, you can make informed decisions on the best places to allocate your investment.
3. Social Security Planner
Let’s face it: Social Security is the backbone of most people’s retirement plans. However, relying solely on this monthly government check is problematic for many reasons, not least of all the concern of inflation. Cost of living is one of the key variables many overlook when planning for their retirement income, as discussed in this article by OJM Group. But neglecting to account for this constant change in housing, food, utilities, and other expenses can quickly deplete your retirement savings.
How will your Social Security look by the time you retire? Financial Engine’s free Social Security Planner evaluates your potential benefits and teaches you how to optimize your Social Security check to make it stretch. This app is helpful for those who don’t understand the rules of the Social Security program, as well as anyone who relies on this income for their lifestyle or investments.
4. Retirement Outlook Estimator
An iOS app, also available online, the Retirement Outlook Estimator, uses basic information you input to determine the weather forecast of your retirement goals. A sunny day means you’re on the right path to a healthy financial retirement future. But rain and clouds mean you’ll want to change your money behaviors.
Don’t despair, though! The estimator doesn’t just predict your financial future. It also offers dollar amounts that might change the “weather” forecast to meet your goals.
5. Mint
The Mint App is a well-known tool used for budgeting, but it has impressive features that aid your retirement planning, too.
With Mint’s investment tracking tool, you can link your 401(k), IRA, and other retirement accounts to track their performance and monitor your portfolio. The budgeting and spending analysis reports help you recognize where you’re overspending and where you can save more to reach those financial goals sooner.
The comprehensive Net Worth tracking feature gives you a clear picture of your assets and liabilities, and the Savings tool lets you set a goal and track your progress toward reaching it. The final crucial feature, the Cash Flow Analysis, is a factual, mathematical look at what’s happening with your money and whether you’ll feasibly meet your retirement goals at the rate you’re going. No judgment, just the facts!
Conclusion
While using an app to guide your investments and project calculations is wise, the most effective and low-stress way to plan for retirement is to consult a knowledgeable, professional financial advisor. With the guidance of an expert you trust, you can focus on the action steps to reach your goals and let them lead the way with strategies and suggestions.
