Planning and saving for retirement can seem like a rather daunting task, and understandably so. There are plenty of things to consider and plan for as well as many things to watch out for and avoid. However, if you are even remotely interested in planning for retirement, there are a number of easy to use apps out there (many of which are completely free) that you can use on your smartphone or computer in order to make planning for retirement a great deal easier.
1. AARP Retirement Calculator
This free to use app was developed for just about anyone, whether they are single, married, domestic partners, and more. This app will give basic information about when you can retire and how much you will need to do so. The app will ask you a set of questions about salary, age, household status, Social Security, current retirement savings account, and lifestyle. All this information will be used to calculate the age and amount you will need in order to retire. From there, it will make suggestions as to what steps you can do to improve your current situation when preparing to retire.
2. iMaximize Social Security
iMaximize Social Security is an app that acts as a calculator for anyone who is getting somewhat close to retirement age. The app takes into account all of the things that factor into your current situation and comes up with the best strategy to maximize your upcoming Social Security benefits. This app is available on iOS, Android, and online. The basic version is free to use, but the additional features will cost $9.99.
RetirePlan is an iOS exclusive app that will run you $4.99, but it helps you answer questions you may have such as how much money you need to save every year, when can you retire, etc. It allows you to look at various scenarios using your age, retirement age, current savings, life expectancy, Social Security (both age to start benefits and monthly income), average yearly savings, and desired retirement income (in today’s money). It has some slick sliders that can be changed to see various outcomes. You can add and subtract a variety of other factors too. You get a lot of bang for your buck here.
4. Vanguard Retirement Nest Egg Calculator
This is a free to use online app that allows you to see a range of projected portfolio balances by year. It does so by having you enter the number of years your portfolio should last, your portfolio’s present balance, the percentage that is invested in bonds, stocks, and cash, and then how much you spend from your portfolio every year. Vanguard will also calculate the probability (as a percentage) that your portfolio will survive with the number of years input.
5. Military Retirement
This is an iOS exclusive free to use app that is designed specifically tailored to serving military personnel. How it works is you put in your personal info, and then the app will calculate retirement pay based on length of service, rank, Survivor Benefit Plan (benefit and premium), date of retirement, TRICARE medical insurance (options and premium), Veterans Group Life Insurance (coverage and premium), disability pay (based on disability rating), as well as federal taxes (based on filing status). From there, users are shown various scenarios that describe what the best retirement option is.
Mint is a free to use app available on both iOS and Android that acts as a comparative projection tool for a plethora of retirement accounts such as 401(k), Roth 401(k), Roth IRA, or traditional IRA. This app also allows investors to be able to link different financial accounts and credit cards, thus giving a central repository for financial transactions.
7. Financial Calculators
This free to use Android and iOS app provides users with a variety of different investment tools for consumers as well as investors. It has one of the biggest selections of retirement calculators that are currently on the market, allowing investors to allocate assets and figure out their minimum distribution. The calculators provided in Financial Calculators includes:
- Retirement Planner
- 401k Contribution Calculator
- Retirement Calculator
- Retirement Savings Analysis
- Retirement Income Analysis
- Retirement Saving Calculator
- Retirement Income Calculator
- Traditional IRA vs. Roth IRA
- Required Minimum Distribution
- Social Security Estimator
- Asset Allocation Calculator
- 401k Save the Max Calculator
8. Retirement Outlook Estimator
Retirement Outlook Estimator is a free to use iOS and Android app that provides a weather forecast of sorts for your retirement savings. It gives you an easy to use interface and allows users to look at their financial health as it relates to long-term goals. Though this app is not necessarily the most comprehensive tool, it still offers an easy and unique way of keeping an eye on your retirement funds as you save.