Planning for retirement can feel overwhelming, but it doesn’t have to be. Starting early and using the right tools can make a huge difference. Many people struggle with budgeting, tracking investments, and estimating future income.

This chapter will take you through the best retirement planning tools to simplify your finances and track progress. They help you stay on course for the future you want.

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Why You Need Retirement Planning Tools

Managing retirement finances goes beyond just saving money. You need to account for rising healthcare costs, fluctuating markets, and how long your savings will need to last. Estimating Social Security benefits, forecasting future income, and ensuring your nest egg covers all expenses is complicated.

That’s where the best retirement planning tools come in. These digital platforms help you see the big picture. Modern retirement planning requires a system for:

• organizing your investments
• calculating potential income
• preparing for healthcare needs in one place

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Retirement Planning Software to Build a Strong Foundation

Selecting the right retirement planning software can simplify complex decisions and provide clarity on your financial future. Here are some of the best tools:

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1. Empower Retirement Planner

Empower offers a comprehensive view of your finances by integrating data from different accounts. It provides personalized retirement strategies, and you can test scenarios like adjusting your savings rate or retirement age.

• Best for: Comprehensive financial overviews and scenario analysis
• Key features: Account aggregation, personalized planning, scenario testing
• Cost: Free

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2. Boldin (formerly NewRetirement)

Boldin provides a conversational interface to create a customized, long-term financial plan. You can run hypothetical scenarios and adjust settings to find the best solutions for your retirement goals.

• Best for: Detailed, personalized retirement planning
• Key features: Scenario modeling, tax impact analysis, goal tracking
• Cost: Free basic plan; premium features available for $120 annually

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3. Betterment Retirement Planning

Betterment is a robo-advisor that helps you set up a retirement plan based on your financial information. It offers investment advice and tools to track your net worth and adjust your plan as needed.

• Best for: Automated investment management with retirement planning
• Key features: Personalized investment advice, goal setting, progress tracking
• Cost: 0.25% annual fee or $4/month, depending on account balance

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4. Vanguard Retirement Nest Egg Calculator

Vanguard's calculator helps you determine how long your savings might last depending on spending habits and investment returns.

• Best for: Estimating the longevity of retirement savings
• Key features: Spending projections, investment return scenarios
• Cost: Free

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Estimate Social Security Benefits Accurately

Social Security will likely be a key part of your retirement income. Knowing how much you’ll get helps you plan the rest of your finances.

Use the Social Security Administration’s calculator to get a clear estimate. You can also try third-party tools for side-by-side comparisons of different claiming ages. Check:

• How your age affects benefit amounts.
• How working longer could increase your benefit.
• Whether spousal or survivor benefits apply to you.

Use this number to fill in any income gaps and decide when to start drawing from savings. For more local advice, see our Arizona tax guide for retirees.

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Best Investment Tracking Tools for Retirement Portfolios

Keeping an eye on your investments is a must when planning for retirement. You want to know how your portfolio is performing, whether your risk level matches your goals, and how your assets are growing over time. That’s where the best investment tracking tools come in.

Tools like Empower and Quicken simplify this process. They synchronize with your bank and brokerage accounts to give you real-time updates. You can monitor gains and losses, track asset allocation, and review long-term performance—all in one place.

When comparing options, look for tools that include:

• Real-time updates on account balances and performance
• Risk analysis features that assess your exposure
• Historical data to track trends over time
• Visual dashboards that simplify complex financial info

Investment tracking also supports your broader retirement strategy. These tools help you stay aligned with your risk tolerance and retirement timeline as a nest egg calculator.

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Online Retirement Calculators for Quick Forecasting

If you want a fast way to check your retirement plan, online retirement calculators can help. These tools give a simple snapshot of where you stand and what to adjust.

They ask for basic info like your savings, income, and retirement age. Then they estimate how long your money might last.

Top tools to try:

• Fidelity’s Calculator: Offers detailed projections and advice.
• Schwab’s Retirement Calculator: Easy to use and adjusts for inflation and spending.

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The Best Budget Apps for Retirees

Budgeting becomes even more important in retirement, especially with fixed income sources. The best budget apps for retirees keep you on top of spending and adjust for changing expenses.

Here are the best budget apps for retirees:

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1. YNAB (You Need a Budget)

YNAB gives every dollar a job. It helps you plan ahead, build savings, and manage irregular income. Its method focuses on proactive budgeting rather than tracking after-the-fact spending.

• Best for: Users who want structure and goal-driven budgeting
• Highlights: Zero-based budgeting, goal setting, educational support

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2. Monarch Money

Monarch Money helps you track spending and actively plan by syncing accounts, visualizing your net worth, and setting flexible budgets.

• Best for: Couples or individuals who want a clear, goal-driven approach to managing money
• Highlights: You get shared access for partners, personalized budgeting, and investment insights.

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3. PocketGuard

PocketGuard shows how much money is “safe to spend” after covering bills, savings, and goals. It’s a great option for retirees looking to prevent overspending.

• Best for: Simple budgeting and spending limits
• Highlights: Auto-categorization, spending limits, “In My Pocket” view

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How to Choose the Right Tool for You

Not every retirement tool fits every need. Choose based on how complex your finances are, how comfortable you feel with technology, and what features matter most to you.

Here’s how to narrow it down:

• Need help organizing everything? Choose retirement planning software with account syncing and scenario testing.
• Want quick answers? Use online retirement calculators for fast savings forecasts.
• Care about spending control? Pick a budget app that tracks income and expenses in real time.

You don’t have to pick just one. Create your own toolkit by combining a planner, a calculator, and a budget app. The right mix will help you stay organized, confident, and ready for retirement.

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Bring Clarity to Your Retirement Plan

Digital tools make retirement planning easier. They help you track spending, estimate income, and test different plans. You can mix and match apps to fit your needs.

But software can’t replace a real advisor. A financial professional gives you personal guidance, helps you avoid mistakes, and adjusts your plan as life changes.

Ready to take the next step? Get a free portfolio review and talk to someone who can help.

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Stewart Willis is the founder and president of Asset Preservation Wealth & Tax, a financial planning firm in Phoenix, Arizona. Investment advisory services offered through Foundations Investment Advisors, LLC, an SEC registered investment adviser.

The commentary on this blog reflects the personal opinions, viewpoints and analyses of the author, Stewart Willis, providing such comments, and should not be regarded as a description of advisory services provided by Foundations Investment Advisors, LLC (“Foundations”), an SEC registered investment adviser or performance returns of any Foundations client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment, legal or tax advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Personal investment advice can only be rendered after the engagement of Foundations for services, execution of required documentation, including receipt of required disclosures. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Foundations manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Any statistical data or information obtained from or prepared by third party sources that Foundations deems reliable but in no way does Foundations guarantee the accuracy or completeness. Investments in securities involve the risk of loss. Any past performance is no guarantee of future results. Advisory services are only offered to clients or prospective clients where Foundations and its advisors are properly licensed or exempted. For more information, please go to https://adviserinfo.sec.gov and search by our firm name or by our CRD # 175083.