Money Health

Five Apps to Help Save for Retirement

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If you’re not saving for retirement, you’re not alone. According to a 2019 survey from Freedom Debt Relief, 60 percent of Americans aren’t saving enough for retirement. There are many things that could be stopping you from saving, one of which may just be the challenge of getting started.

The good news is that technology now makes saving for retirement much easier than you might think, keeping you on track and giving you the jump-start you need with saving apps. To give you some ideas of what is available, here are a few apps to save for retirement.

WealthSimple*

The company tagline, “Investing on autopilot,” is enough to make even the busiest person take a second look. The idea is simple: grow money for retirement by automating the investment process. Your portfolio is custom-built in minutes, and their staff provides guidance along the way.

With just a $500 initial investment and $25 deposits each month (at their “growth” risk level), you could save $2,400 for retirement in the first five years—and that’s just investing at a base level. The more money you make, the more you can invest, and the more you’ll save.

Personal Capital

If managing money is your challenge, Personal Capital is one solution. One of the best free apps to save for retirement, it tracks all of the account you load into the app and provides insights on:

  • Spending goals
  • Savings goals
  • Net worth
  • Hidden fees
  • Investments

Personal Capital also provides a Retirement Planner tool which allows you to “Build, manage and forecast your retirement in one convenient location…” and an easy-to-understand dashboard which uses graphs showing where you’re at and where you can improve, taking one step at a time toward building your retirement fund.

Stash

With Stash, you create your own individual retirement account (IRA), either as a Roth or traditional. If you don’t know which one to use, the app will walk you through the process of choosing the right one for you. Stash explains the benefits and drawbacks of each one on their website, so you can educate yourself.

Acorns

Investment is made easy with this app—in fact, as easy as investing your spare change. The idea is simple: Acorns rounds up your leftover change from everyday purchases into monthly investments. This is called “micro-investing” and it’s one of the best apps to save for retirement with little-to-no effort.

Acorns offers a retirement-specific account, called Acorns Later, in which you set up an IRA that’s right for you. The app will also update your account regularly to match your current financial goals, allowing you to move toward a comfortable future without ever thinking about it.

Betterment

Whether you’re new to investing for your future or are an expert saver, this app could be for you. With three different plans, you can find the path that allows you to be most successful—beginner, hands-off, or hands-on. If you’re not even sure what your financial goals are, Betterment’s questionnaire will help you figure them out, while giving you a complete picture of your finances as they stand right now.

You pay one low annual fee to access the app’s investment opportunities, expertise, and tracking dashboard.

Start saving for your future today

If you’re ready to start saving for retirement but don’t know where to start, using apps to save for retirement could be an important first step. Learning how to deal with money and planning for your future doesn’t need to be hard. Our simple-to-follow guide will help you plan your financial future. Get started by downloading our free guide right now.

*Editor’s Note: Freedom Debt Relief did not receive compensation or any other benefit for mentioning any of the companies listed in this post, nor do we specifically recommend them above others who provide the same services. Our intent is solely to provide you with information that may assist you in saving for retirement. Please seek the advice of a financial professional before choosing an investment plan of any kind.

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Jessica Thiefels is the CEO of Jessica Thiefels Consulting and has been writing for more than 10 years. She’s written for AARP, Reader’s Digest and Lifehack and regularly contributes to The Financial Diet, Homes.com and more.