Best Retirement Planning Tools and Software in 2023

Jun 09, 2023 By Susan Kelly

When you're young, retiring might feel like it's on the other side of the galaxy. It's possible that tax code changes, Roth IRAs, Social Security payouts, investment returns, annuities, Monte Carlo simulations, or estate planning are the very last things on your mind right now.

But time has a strange way of sneaking up on you when you least expect it. If you put off your long-term planning for too long, you risk reaching retirement age with much less money saved than you'll need and not enough time to make up the gap.

There is no question about it; the moment you enter the work is the ideal time to begin giving retirement planning your full attention because this is when you will have the most time to devote to it. Because there is such a wide variety of hardware and software options currently available, retirement planning is, thankfully, simpler than ever. Continue reading to find out which planning tools will be most useful for your retirement in 2023.

Titan's Retirement Calculator

The free retirement calculator offered by Titan allows you to forecast how much money you'll have in retirement based on the savings plan you're now following and then compare that amount to the amount of money you'll need when the time comes.

This calculator takes into account your present age, the age at which you intend to retire, your current yearly pre-tax income, any savings for retirement that you already have, plus the monthly additions to those savings that you intend to make.

Charles Schwab Calculator

A Charles Schwab Calculator is a tool that can be used online for free and assists in determining whether or not your current savings strategy is by your expectations for living after retirement. The questionnaire asks for fundamental pieces of personal information, such as your present age, when you intend to retire, your investing style ranked on a scale from low to high risk, your current and potential savings and spending predictions, your expectations for Social Security, and the amount of money you intend to spend per year after retirement.

Using this data, the retirement calculator will show you how much savings you will need depending on your present lifestyle and intended lifestyle in retirement, if you need to change your plan, and various strategies to get back on track with your savings goals. You may see how different scenarios will affect your savings by modifying your retirement age, the amount you contribute to your retirement savings each year, and what you anticipate spending each year once you are retired.

Stash's Retirement Calculator

Stash's Retirement Calculator provides a wonderful option to get a short idea of how much you must set aside for retirement. To know how much you'll need and how much you're on pace to have, enter your age, your planned retirement age, your pre-tax income, and the amount you've saved and are saving.

Those interested in a more comprehensive look might also benefit from Stash's Retirement Calculator. This is so because you may pick and choose which assumptions to employ. Some of these variables are the rate of return on your investments, the length of your life expectancy, the rate of inflation, and the amount of money you anticipate needing in retirement. You may learn more about your retirement savings situation by making educated guesses here.

The Complete Retirement Planner

The Complete Retirement Planner costs $79.99 and gives you an overall look at your retirement plans, including how much you can reasonably expect to save and how it compares to your requirements. Beyond the specific fields for name, address, date of birth, and social security number, this planner also asks for information that helps forecast future healthcare expenditures, retirement contributions, and tax deductions. For more realistic outcomes, you may now split your data by spouse and year.

Bottom Line

Planning for a comfortable retirement cannot be done overnight or through an accident. Investing and saving consistently over a lengthy period is required. In addition to this, you must be willing to examine your financial situation and have an organized mindset. A great deal of premium-free retirement planning tools may lend a hand when preparing for one's later years. Empower is one of our free favorites, but you may create your personalized retirement plan using any combination of the calculators and tools that are available to you.

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