10 Great Retirement Planning Tools
Planning for retirement is a big step toward financial security. Luckily, there are plenty of online tools to help you figure out how much you need to save, estimate your future income, and make smarter decisions. Here’s a look at some solid retirement planning tools, with details on cost and key features.
Betterment offers automated investing and portfolio management. Advisory fees range from 0.14% to 0.79% per year, and there’s a free goal-setting tool. Its standout features include goal-based planning for retirement and other financial goals, tax-efficient strategies like tax-loss harvesting, automatic portfolio adjustments, and access to financial advisors on higher-tier plans. It also projects your retirement income and potential shortfalls.
Boldin Simple Retirement Calculator is free and very easy to use. It’s designed for a quick check on your retirement readiness. Just enter your current age, retirement age, current savings, annual contributions, and expected return rate. It gives you a straightforward estimate of whether you’re on track for a comfortable retirement.
Charles Schwab Retirement Calculator is a free, comprehensive tool. You can factor in income streams like Social Security and pensions, along with expenses and inflation, to project retirement outcomes. A key feature is the ability to run “what-if” scenarios to explore different retirement ages, contribution levels, and investment returns. It can also integrate with Schwab accounts for easier data entry.
Empower, formerly Personal Capital, provides a free financial dashboard that tracks all your accounts and offers basic retirement planning tools at no cost. Paid advisory services range from 0.49% to 0.89% per year. Notable features include the unified dashboard, tools to analyze your retirement trajectory, a Fee Analyzer to uncover hidden investment costs, and access to financial advisors for paying clients.
Fidelity Retirement Score is a free tool for Fidelity customers. It uses a proprietary scoring system to evaluate your likelihood of reaching your retirement goals. It analyzes your savings rate, asset allocation, and time horizon, then gives actionable recommendations to improve your score and retirement preparedness. It integrates seamlessly with Fidelity brokerage accounts.
Playing With Fire (PWFIRE) Retirement Calculator is a free tool designed for the FIRE (Financial Independence, Retire Early) crowd. You input detailed expenses and expected returns to calculate your FI number. It uses concepts like the 4% rule and shows visualizations of your projected path to financial independence.
ProjectionLab offers a free basic plan and paid subscriptions starting around $19 per month. It provides a highly customizable and detailed financial planning experience. Key features include modeling complex income and expense scenarios, sophisticated Monte Carlo simulations (on paid plans), and support for multiple financial goals.
The U.S. News Retirement Calculator is free and straightforward. It helps you estimate your retirement needs by looking at your current savings, intended retirement age, desired retirement income, and inflation. It then estimates how much more you need to save to meet your goals.
Vanguard Retirement Income Calculator is a free tool that projects your potential retirement income based on your current savings and ongoing contributions. You can include income sources like Social Security and pensions. It shows potential income shortfalls and suggests adjustments to your savings strategy. It works well for Vanguard account holders.
WealthTrace Retirement Planning Software is a subscription-based platform with tiers starting around $199 per year. It offers a comprehensive suite of retirement planning tools used by individuals and financial advisors. Features include detailed projections with Monte Carlo simulations, tax and estate planning, stress-testing, and options for collaborating with a financial advisor.
