To pick the best personal finance and retirement planning app for you, consider why you need a plan in the first place. Think about your lifestyle needs and wants, focus on your spending habits, bills, and what you want to set aside for your family. Your financial goals will dictate your future, so don’t leave your retirement to chance.
Why You Need A Retirement Plan
Retirement planning makes your life easier by allowing you to save the money you need. Everyone pictures a different future after retirement, so consider how you want to live and figure out how much money is necessary to sustain that lifestyle.
Budgeting and personal finance apps on the market vary depending on your needs, but an app that can also help you track your retirement plan is a great tool to take control of your future.
Some of the Top Apps for Personal Finance and Retirement Planning
Getting your finances in order doesn’t take much time or effort with the help of a great app. You can manage your money on your mobile device to track your spending and savings as well as check out a picture of your overall financial status.
Here are the top apps for a rock solid personal finance and retirement plan, because it’s never too early to start planning for your future:
Great for personal finance, retirement planning, or anything else you may need, Mint is a free app that helps you track your finances. Perfect for people of any age, you can monitor your speaking and budget, see your net worth, and follow your investments all in one convenient place.
The app can be accessed from iOS, Android, or online as well, making it easy to set financial goals for yourself and set alerts to remind you to save each month and visually track your progress.
While this free app designed by Sweden ex-bankers wasn’t created exclusively for retirement planning, Qapital is easy to use and effective. The app allows you to set your own goals, link your bank accounts, and round up the coins on your purchases to the nearest dollar to save more in less time.
The beautiful thing about Qapital is that you never notice the change leave your pocket, but it can build up into an excellent savings account – which is perfect if you’re not ready to retire any time soon.
A free online app, Vanguard’s retirement nest egg calculator, is for people nearing retirement who want to determine if their retirement plan will cover their lifestyle for the set number of years needed. Using the Monte Carlo analysis to determine whether or not your savings is enough to last, you can have peace of mind knowing exactly how much you need before you retire.
Retirement Goal Planning System
Drawing on behavioral economics, you can understand your needs when it comes to planning for retirement with this free iPad app. This app is great if you’re nearing retirement age, as it helps you think out the steps and create a game plan before retirement.
After completing the program, you have a personalized set of goals for your retirement. Share these goals with a financial planner or use them to decide on your own if your ideal retirement date is going to be a possibility.
NerdWallet Retirement Calculator
While some retirement calculators create absurd goals you can never reach, the NerdWallet tool checks to see how prepared you are for retirement based on your monthly income and spending habits.
The app takes into account your current and desired retirement age, income and savings, and the rate at which you expect to continue saving over the years. This helps create a simple plan that puts the numbers into perspective for you by providing exact figures on what you need to make each month and save to either catch up to your goal or stay on track.
The best part about this app is that anyone can use it! Young people can begin thinking about saving for their future while workers nearing retirement age can receive a more detailed report. If you’re coming up short of your goal, you can see how to adjust your saving rate or delay your retirement as needed.
Don’t Rely Completely on Apps
There are many apps out there that can help you plan for retirement and make sure your finances stay on track but working with a professional is essential when it comes to successful retirement planning.
While apps on the market today make the process easier, they’re not a replacement for the skill only a professional in personal finance can provide. Apps are a helpful tool, but they aren’t retirement planning experts.