What Is The Best Retirement Planning Software


What To Consider When Researching Financial Planning Software

5 Best Retirement Calculators and Planners (#1 is Free)

The financial planning software market is a crowded one, with a bewildering variety of options. Here is an overview of the main types of software available and features. Though, naturally, you’ll want to do your own research, read reviews, and talk to colleagues before making your decision, this summary can serve as a starting point.

Goals-based vs. cash-flow-based software

Financial planning software is typically categorized as either goals-based or cash-flow-based, as Michael E. Kitces, MTAX, CFP, lays out in a primer on software selection on his blog Nerdâs Eye View.

Software that uses goals-based models predicts how likely it is that clients will meet specific goals , based on their savings and annual investment growth rates. Cash-flow-based software, on the other hand, tracks all the cash flows into and out of a client’s life, including wages, investment returns, taxes, and spending, said Kitces, an author, speaker, and director of wealth management at Columbia, Md.-based Pinnacle Advisory Group.

Cash-flow-based software can be valuable as a teaching tool, Goodman said. “Advisers underestimate the client’s desire to understand the cash flow,” he said. “By taking the time to walk my clients through the cash flow â as expenses change, and variables â the client understands and has a better buy-in.”

Type of modeling

Ability to make quick changes to a plan

Level of client interactivity

Ease or difficulty of use and availability of free trials

Cost and fee structure

Personal Capital Retirement Planner

Like other retirement calculators, the Personal Capital Retirement Planner runs different scenarios based on your retirement age and savings contributions. Unlike some other calculators, it helps you see how major life expenses, such as buying a house and sending a child off to college, can impact your retirement. With this free online retirement planner, you can add accounts and manually input data to track your habits and strategize how you can improve your chances of a successful retirement.

The Personal Capital planner gets even more granular by applying other sources of income, like Social Security and pensions, to gauge how much you can afford to spend in retirement every month.

Why Retirement Management Software Is Vital For Insurance Industry

To reach customers and become a trusted partner for life, insurance companies should seriously consider including retirement options in the insurance package for businesses and individuals. The right insurance software could protect customers income in retirement, keep savings on track and improve investments. In addition, life insurance options offer tax-deferred growth and tax-free cash flow due to preferential tax treatment.

Recommended Reading: When Can I Take Early Retirement

Personal Capital Online Retirement Planner

Personal Capital is a diverse financial platform offering everything from free personal financial tools to comprehensive wealth management.

If you choose and if you have the portfolio they can provide both investment management and financial advice for a single low annual fee. The service will naturally include formal retirement planning.

But even if you dont have the minimum required initial investment, or if you dont choose to participate in their wealth management program, you can still take advantage of the retirement planner. Its a component of their free financial tools, and open to anyone.

Youll start by linking your various financial accounts to the Personal Capital Dashboard. That includes savings, investments, retirement accounts, loans and credit cards. The purpose of including your financial accounts is to enable a holistic view of your entire financial life.

With all your financial accounts assembled in one place, the Personal Capital Retirement Planner enables you to run different scenarios, such as evaluating various retirement dates or annual retirement savings contribution amounts.

It also helps you to build changes to your financial situation into your retirement plan. For example, you can factor in additional income sources, like Social Security and pensions. But you can also change the impact of major expenses on your retirement plan. Those include events like saving for your childrens college educations.

Features Of Financial Planning Software

WSJ Retirement Planner App

Some of the most important features of an online financial planning tool are as follows –

  • Accounting Integration: Finance software solutions usually replace multiple and discrete accounting software systems with an integrated accounting tool to perform functions such as order keeping, costing, and other important accounting services.
  • Budgeting and forecasting: A finance management tool usually helps formulate budgets that keep in mind the best performing verticals and the amount of investment required to achieve a level of performance that reflects potential and market scenarios. Forecasting is also a vital feature as financial planning software can easily plot a course for business verticals at specific levels of investment.
  • Expenditure Tracking: Even free financial management software has the capability to track & record a businesss outflows to ensure all sums to be disbursed are done so efficiently, following strict timelines.
  • Investment Management: Besides premium versions on the market, free financial planning software should also be capable of helping businesses understand the different channels into which they should invest capital to achieve business objectives.
  • Risk Management: The degree to which risk is incorporated into the business operation and revenue generation is dependent on the firm. Maintaining investment and operations efficiency with risk inclusive factors is important.

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Best Free Retirement Planning Software For 2022

Retirement can seem a million light-years away when youre impressionable. Taxes, mutual funds, loan payments, welfare payments, and investment returns! All these may be the furthest thing from your mind.

If you put off retirement planning for too long, you may find yourself with far less in the bank than you need and not enough time to make up the difference. Make no mistake while planning your retirement plan! The best time to consider retirement is when you first enter the workforce.

Fortunately, with so many free retirement planning software solutions available, retirement planner software is easier than ever for proposing the best plan for your old age.

Continue reading to learn about the best free retirement planning software for 2022.

The Benefits Of Finding The Right Financial Advisor Software

Software like Covisums Income InSight® and Tax Clarity® use visual tools to analyze multiple retirement income streams. The impactful graphic output allows clients to see their current financial situation in one place, eliminating some confusion surrounding retirement strategy. Covisums software options even empower financial advisors to seamlessly move from one product to another using the advisor portal. That means once a financial advisor understands their clients goals, they can efficiently utilize all of the best tools to help them get there. Do your clients want to retire early? Are your clients saving for a major purchase? Do they want to pay off their mortgage soon? There may be many goals at play in your clients long-term outlook. As you begin to build a comprehensive retirement income strategy, you can lean on Covisums retirement income planning software to optimize opportunities and help clients visualize the possibilities ahead.

Financial Planning Software for Home Use

Here is another example that illustrates how the VeriPlan personal tax planning software can identify can be used as tax optimization software. In this situation, the user can visually identify a situation where a series of low income tax Roth conversions after early retirement might make sense to reduce income taxes on traditional IRA required minimum distributions after age 72.

VeriPlan Is Simply The Best Financial Retirement Calculator You Can Buy!

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How Much Do You Need To Save For Retirement

One of the hardest parts about preparing for retirement is thinking about life as a 70-something. A lot of people get so overwhelmed about saving for an unknown future, that they end up not saving anything at all. Thankfully, planning for retirement is not overly onerous, but you will need a road map one that can evolve over time to keep you on track.

The first place to start is to think about what your life might look like in retirement. Sit down with a pen and paper and write down your retirement goals.

Then think about how much everything will cost. We don’t know what prices will be like in the future, and in recent years inflation has run below the Fed’s benchmark of 2%, but the average inflation rate in the U.S. over the past century was 3.22%. So plan for higher prices in the decades ahead. You’ll also want to factor in your day-to-day expenses, like housing costs, food and health care. Remember, some of the costly expenses you have now, such as a mortgage or childcare costs, will no longer exist, which could result in a decrease in your overall expenses as you near retirement.

Next, add up all the income you might receive in your post-working years. Factor in pension income if you have one, social security payments and any other dollars, such as rental income from a property, that may come your way. Match up revenue and expenses and you’ll get a good idea of what you’ll need to set aside for every year of your retirement.

Smarter Personal Financial And Retirement Planning Software

Fidelity FREE Retirement Planning Software

Smartersmarter software

Other personal financial planning tools ask you to guess: How much do you need for a secure financial future?

MaxiFi ends the guesswork.

Its the only personal financial and retirement software powerful and accurate enough to calculate your highest sustainable living standard starting today with a plan to maintain and raise that amount for life.

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Pros & Cons Of Financial Planning Software


  • Financial planning software programs help advisors stay organized and keep track of all their clients’ finances.
  • These platforms can also help advisors save time and money by automating tasks such as creating budgets, tracking investments, and forecasting future income.
  • These programs can help advisors stay up-to-date on regulatory changes and best practices in the financial industry.
  • Financial planning software programs can provide detailed information on investment options and strategies, saving time and money in the process.


  • Some programs may be complex and require a lot of time to learn. This can be difficult for advisors who may already have full-time jobs and other responsibilities.
  • Some programs can be expensive and so it might not be feasible for all advisors to use them.
  • Some software programs may not be as user-friendly as other types of planners thus making it harder for the advisor to use.

Choose The Best Retirement Plan For You

A cornerstone of retirement planning is determining not only how much to save, but also where to save it.

  • If you have a 401 or other employer retirement plan with matching dollars, consider starting there.

  • If you dont have a workplace retirement plan, you can open your own retirement account.

There is no single best retirement plan, but there is likely a best retirement plan or combination of retirement accounts for you. In general, the best plans provide tax advantages, and, if available, an additional savings incentive, such as matching contributions. That’s why, in many cases, a 401 with an employer match is the best place to start for many people.

Some workers are missing out on that free money. According to a 2021 T. Rowe Price Retirement Savings and Spending Study,

» Go deeper: Read more about how to choose a retirement account

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What Are The Types Of Financial Planning

While there are a plethora of types and modes of financial planning for individuals, the categorization is relatively straight-forward for business. There are three types of financial planning modes –

  • Short-Term Financial Planning: Carried out for a short period of time, i.e., just six months to one fiscal year, this type of financial planning involves the management of short-term deficits and immediate working capital needs . There is lesser ambiguity involved as one can plan for market trends in the near future. However, the plans are subject to change as per investment opportunities and financial constraints.
  • Medium-Term Financial Planning: This type of financial planning generally considers a wider time-frame of between two to five years for financial strategy execution. Here, the focus is on investing and improving assets, bettering process structure, innovative research, and development, etc.
  • Long-Term Financial Planning: Focussing on the financial outlay of the organization for a period beyond 10 years, long-term financial planning looks to match the ambitions of the companys overall objective with necessary financial bandwidth. This includes focussing on mergers and acquisitions, long-term capital planning, etc.

Personal Capital’s Retirement Planner

New retirement planner plus

Of course, you can also use its wealth management service and work with an advisor if you invest at least $100,000. This means you build a custom portfolio that matches your goals and risk tolerance. But as a standalone tool, it’s one of the best retirement planners you can use.

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Personal Capital Retirement Advisor

The Personal Capital Retirement Planner goes into greater detail than some other retirement planning programmers on the market.

This application is the best retirement planning software, among other applications. They analyze your expenses and help you to save your money. It is the top retirement planner software as it may also help with planning for a variety of events such as taxes, savings increases, and Social Security payouts.

It is a free retirement planning software they are easy to use and works with any Android or Apple smartphone.

What Is The Best Financial Planning Software

Every financial advisor will be best suited for software that meshes well with their client’s needs. Some advisors are better suited with more simple, less expensive solutions that can more easily explain client portfolios. Others require heavier analytical capabilities or more robust management tools. In either case, a financial advisor should reflect on their client’s needs and back into whether a financial planning software tool is the right level for that need.

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The Canadian Retirement Planners Software

Professional Planners and Gifted Amateurs can prepare sophisticated retirement plans that sort through all of the complexities of the Canadian Retirement System with employer pensions, government pensions, Tax-Free Savings Accounts, Registered Retirement Savings Plans, Registered Retirement Income Funds, Locked-in Retirement accounts, minimum withdrawals, age tax credits, pension income splitting, etc.

You can plan out the accumulation of funds for retirement over many years, assess an early retirement offer from an employer with pension alternatives, and figure out how best to withdraw funds during retirement to sustain targeted lifestyle expenditures.

The Canadian Retirement Planners Software was first developed in 1987 and has since been used by professional firms to produce retirement plans for thousands of their clients. And Gifted Amateurs have learned much about our retirement and income tax systems.

An Annual License For Professional Planners

enables you to prepare retirement plans for clients in all life situations. If your client is many years away from retirement, you can develop a savings plan allocating savings between pensions, CPP/QPP, TFSAs and RRSPs. If your client is approaching retirement, you can assess an employers retirement offer and pension benefit alternatives. If your client is already retired, you can determine the amount of lifestyle expenditures they can sustain, plan RRSP and RRIF withdrawals, and project the assets for their estate plan.

Us And European Retirement Reality

Fidelity Retirement Planning Software Analysis

If we talk about the reality in the U.S., there are several ways people can prepare for retirement. The first is to pay Social Security, which varies from $848 to $3890 per month. Most people, especially those who have worked in low-paying jobs or have not been able to be formally employed for a decent amount of years, dont rely solely on Social Security payments and have begun planning for retirement well in advance. An average amount of money for a comfortable retirement in the U.S. is considered to be $40,000. Part of this amount is covered by Social Security benefits, and the other half depends entirely on peoples ability to save and prepare for retirement. There are two main ways to run a retirement account: through 401 plans organized by employers, or through IRA and its modifications. But neither way might be sufficient. In the event of a job change, ones existing 401 plan will remain unprotected unless terminated. However, modern tribulations, especially COVID -19 and many other plausible misfortunes, could cause people to deplete their IRA accumulated savings much earlier, leaving them completely unprotected by the time they need to retire.

Read Also: When Should You Start Saving For Retirement

Why Is It Called The Complete Retirement Planner

TCRP is a unique financial planning tool that incorporates technical and educational features that simply won’t be found elsewhere.⢠Interview style questions, with explanatory notes, easily guide you through the set-up, providing an unparalleled ease of use. ⢠Clear educational notes on complex topics help to inform you. ⢠Flexibility in entering variable income, expenses, investment returns, savings, and one time events allows for individual needs. ⢠Critical variables that are often ignored by other planning tools, but have a big impact on results, are accounted for .⢠A high level of clarity and detail in the results provides transparency into how it all works from start to finish, making it truly “complete”.

These are the combined features that set TCRP apart from all other financial planning tools:⢠Entries for: multiple sources of annual income , non-retirement cash/investment savings balances and expected interest/return rates for before and after retirement, retirement savings balances/contributions/annual return rates, HSA balance and contributions, desired retirement age and Social Security claiming age. Entering this information by spouse provides a great deal of flexibility andis essential for accuracy!

⢠The ability to itemize current and futureexpenses, and how those amounts may change over different time frames. This determines actual need, by year. For greater accuracy, fixed expenses are not inflation adjusted! This detail is significant.

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