Money Health

5 Best Apps to Effortlessly Save for Retirement

Pin to Pinterest Share on LinkedIn

If you’re not saving for retirement, you’re not alone. According to a recent 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 simply be the challenge of getting started.

The good news is, technology makes saving for retirement much easier than you might think, keeping you on track and giving you the jump-start you need. Here are some apps to look at as you start saving for retirement.

WealthSimple

Their 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, just for you, and their staff provides expert 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 your solution. This free money-management software tracks all your accounts, once you’ve loaded them in, to provide insights on:

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

Check out their Retirement Planner tool, which allows you to “Build, manage and forecast your retirement in one convenient location…” The easy-to-understand dashboard uses graphs that show 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 retirement account, 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. What’s more, they clearly explain the benefits and drawbacks of each one on their website, so you can educate yourself.

The rest is simple: you contribute to your account each month and watch the money grow.

Acorns

Investment made easy. 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 allows you to work toward 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 is 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.

What’s more, you just 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, signing up for one of these retirement savings apps could be an important first step. Get the guidance you need to set yourself up for a comfortable financial future now.

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.