Part of a holistic investment plan for retirement involves keeping track of how much you have saved. Keeping a close eye on the total balance ensures that investors are meeting their goals and on track for their retirements.
Many people struggle when it comes to tracking their retirement savings, since this money can be spread across 401(k)s, IRAs, brokerage accounts, and other vehicles. Tracking each of these accounts by hand can be tedious and time consuming, especially since it is necessary to keep an eye on all of one’s accounts to maintain a sense of your overall financial health.
Luckily, there are a number of apps that can help people track their retirement savings and ensure they are on the right track. Some apps that you may want to consider include:
One of the most popular budgeting apps currently available, Mint does much more than track spending. Individuals can use the app to generate an overall snapshot of finances, including retirement savings.
Signing up for the app is easy and takes only a matter of minutes. Once a Mint account is established, users can link all of their financial accounts to the app, including pension plans, IRAs, and 401(k)s. All the information from these accounts can then be viewed in a single location.
Even better, Mint also lets users create retirement goals and establish budgeting plans to meet them. The app has a number of other interesting features, such as a tool for choosing new retirement accounts based on current situation and goals. Mint is a great way to centralize information and strategize for the future.
2. Fidelity Retirement Score
Fidelity Investments is a popular online brokerage, but you do not need an account with the company to use its app. The sign up process asks users a handful of questions to gauge the current state of their retirement savings. Users need to know how much they currently have saved to use the app effectively.
Next, individuals input information about how much they save each month, their risk tolerance, and other information to get an estimate of what their financial situation is likely to be in retirement. The app also helps people figure out how much they will need to retire comfortably, so individuals get a sense of whether or not they are on track and the changes they may potentially need to make.
Perhaps the most useful part of the app is its ability to allow you to change variables, such as age at retirement or monthly savings, to see in real time how your total is affected. This app is ideal for people who do not want to provide too much personal information but still wish to gauge their progress.
3. Personal Capital
A robo-advisor company, Personal Capital has engineered a free personal finance app. No retirement savings actually need to be placed in a Personal Capital account to use the app. The tool uses Monte Carlo simulation to help users plan for retirement in a more empowered way by predicting retirement savings under a variety of different conditions.
The app automatically syncs with financial accounts so that people can see all investments in a single place. Furthermore, the app factors in predicted Social Security benefits to give a complete sense of one’s likely financial situation in retirement.
However, the modeling remains one of the main draws of the Personal Capital app. Users can model major life events like purchasing a home or receiving an inheritance windfall to judge how retirement planning will be affected.
4. Vanguard Retirement Nest Egg Calculator
A free online app, the Vanguard Retirement Nest Egg Calculator is made for people who have already retired or those who are planning to retire in the near future. The app helps users determine how long their savings will cover their retirement expenses. Using Monte Carlo analysis and rigorous statistics, the app uses current savings and investments to estimate how long a nest egg will last given set expenses.
The app can also help users figure out how much they need to save for retirement or to determine whether or not they have enough saved to retire now. The tool can be extremely helpful for achieving and maintaining financial health in retirement.
5. Maximize My Social Security
Statistics show that Social Security accounts for an average of one-third of total retirement income for retirees. Furthermore, 90 percent of Americans 65 and older claim Social Security benefits. For this reason, individuals need to make sure they are getting the largest payout possible.
Maximize My Social Security is a great tool for helping users make the right moves to get the highest payment possible and to estimate what their benefit could be down the line. People do not have to enter their personal information to use the app.
Maximize My Social Security actually offers several different strategies for increasing your eventual Social Security payout. This app helps you avoid overlooking Social Security as they focus on their investments.