Building a good retirement corpus is generally a major investment goal for most investors. No matter which age you want to retire, it is very important to build a strong retirement corpus. Retirement planning is something everyone should do and there is a lot of help available for you in that aspect. There are some very useful tools that can help you calculate that, for free. In this post, we’ll look at the best retirement planning softwares for you. Online financial calculators have been quite popular among investors since the late 90s. While some services might charge you a nominal fee, there are some that are available for free as well. Now, we’ll look at the best free retirement planning tools for you to use. Let’s get started.
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Best Retirement Planning Softwares in 2021
1. Facet Wealth Retirement Planner
If you’re looking for a great retirement planning software, we recommend looking at a financial planning service like Facet Wealth. Its retirement planner connects its users with a dedicated financial planner who helps you keep your assets in check and plan your retirement better. The planner from facet Wealth can also help with the management of your investment portfolio.
2. Betterment’s Retirement Savings Calculator
One of the other great retirement planning softwares is Betterment’s Retirement Savings Calculator. The name betterment is generally associated with its robo advisor services. Aside from helping you with hands-off investing, Betterment’s Retirement Savings Calculator also takes a more holistic look at its investors’ financial pictures to help with reaching specific goals. In order to use this fabulous free tool, you need to enter your age, your pre taxation income, existing retirement corpus and the amount of money you contribute to it every year. The calculator then goes on to estimate the amount you’ll be able to spend during retirement.
3. Charles Schwab’s Retirement Savings Calculator
Charles Schwab is a revered ame in the world of stock broking and has been around for almost half a century. However, it has evolved with time and it also offers one of the best retirement planning softwares in the market today. The free calculator on the Charles Schwab website helps you figure out where you stand and what you need to do in order to achieve your goals. You will need to enter certain details like your current savings, retirement goals, risk tolerance etc. and the calculator will do the rest for you. You’ll receive a summary of your retirement savings health, along with a series of suggested adjustments you can make to your portfolio.
Charles Schwab also comes with fantastic customer service and the website has 24 hour chat support to help you navigate your way through the calculator.
4. Stash’s Retirement Calculator
Next on the list of the best retirement planning softwares is Stash’s retirement calculator. Stash is another name that is big in the investment advisor world. For those looking for a quick picture of how much you need to save for retirement, Stash’s Retirement Calculator is a great choice. You will need to enter your age, your intended retirement age, your pre-tax income, and how much you’ve saved and are saving. Then, one of the best retirement planning softwares out there will give you a snapshot of how much you’ll need and how much you’re on track to have.
But Stash’s Retirement Calculator can also provide a more thorough outlook for those who are interested in it. The big reason behind that is the fact that you also have an option to choose to include many such assumptions into the mix. Assumptions such as how much of your current income is needed in retirement, your investment rate of return, life expectancy, and inflation. If you make informed estimates in this scenario, you will have a distinctively better idea of where you stand as it pertains to your retirement savings. Stash only requires a small investment of $5 in order to get started, so it’s fantastic for beginners.
5. Fidelity’s myPlan Snapshot
The next entrant on the best retirement planning softwares is Fidelity’s myPlan Snapshot. It’s a stellar app with fantastic and comprehensive features. Fidelity also happens to be one of the top ranked online brokers in the world today. Fidelity’s website also comes with a free retirement calculator which can go a long way in setting you up down the right road for retirement.
Fidelity’s myPlan Snapshot provides you a quick, down-and-dirty glimpse at your financial future. Just enter your age, annual savings, annual income, and the value of your total investment portfolio. Once you do that, Fidelity creates a visual representation of your projected assets. While you don’t have to sign up up with Fidelity in case you want to use its retirement calculator, if you already are a FIdelity customer, you can use your existing data on the platform to come up with a plan that is more comprehensive.
6. Vanguard’s Retirement Nest Egg Calculator
Rounding off our list of the best retirement planning softwares is Vanguard’s Retirement Nest Egg Calculator. Vanguard is a revered name in the world of stock broking and it also has some fantastic funds for investors (especially ETFs and mutual funds). While the website of Vanguard can do with a little work, it does have a decent retirement calculator. The vanguard Retirement Nest Egg Calculator needs the following inputs:
- How many years should your savings last?
- What is your savings balance today?
- How much do you spend each year?
- How are your savings allocated?
While Vanguard’s Retirement Nest Egg Calculator doesn’t provide a very thorough and detailed financial picture, you will still get a pretty good graph that informs you about the expected lifespan of your savings. It can serve as a quick snapshot of whether your savings are on the right track or not.
So those were the best retirement planning softwares for you in 2021. In case you were thinking about getting some help planning your retirement, these softwares should definitely come in handy. So go ahead and try them out today. Remember, it’s never too early to start planning for retirement.
