Five Apps to Help Save for Retirement

When you have debt, saving for retirement may not be on your radar. You may think you can't afford to do both if you only have so much money to budget each month. Or maybe you just really want to ditch your high-interest debt (and money stress) before you think about the future. 

Either way, your feelings are valid. Lots of people struggle to balance debt repayment with other financial goals. If you're looking for debt relief or want to get a better grip on your finances, there are tools that can help. Retirement planning apps can help you move the needle on saving and stay on track with your debt payoff plans.

Apps can help you budget, save, and invest, even if you can only do so in small amounts. Consistency, not the exact dollar amount you save, is what matters most when you're trying to pay down debt and retire on time. You can use apps to grow savings—and confidence—as you work toward better financial health.

How to Choose the Right Retirement Planning App

There are a lot of retirement apps out there, and you might feel overwhelmed by the number of choices. No one needs added stress, so we're here to help you select an app that fits your needs and situation. 

First, decide what kind of money app you want. For example, do you need an app to help you budget your paychecks, track expenses, save automatically, or invest in stocks? Or maybe you want an app that can do everything. Once you know what you want an app to do for you, it’s time to dig into the details. 

Specifically, consider:

• Fees. Some financial apps are free. Others charge a monthly or yearly fee. Free apps are better if you have limited funds, but a paid app might offer a broader range of features to help you shape your retirement plan. 

• Minimum deposits. You might need a minimum deposit to open a new account with a retirement planning app. Some apps might require just $1 to help you start investing, but the minimum may be higher with others. Pick an app that has a minimum deposit requirement you can meet. 

• Educational resources. Retirement is a big goal, and there's a lot to learn about planning for it. Consider what built-in resources an app has to offer, whether it's videos, quizzes, checklists, or articles to help you get educated on retirement. 

• User-friendliness. An app can have a ton of great features but be a dud if it's difficult to navigate or crashes constantly. Consider what kind of user interface you'd like an app to have, and how easy it is to maneuver on your mobile device. 

Also, think about your financial know-how and overall situation. For example, if you have a lot of credit card debt, you might prefer a money management app that includes debt-tracking and retirement planning tools. That way, you can see your progress with each goal in one place. 

You May Like These

Americans Spending Stimulus Check on Bills, Debt

Was Your College Education Worth the Cost? 39% of Americans Say “No”

How Much Credit Card Debt Is Too Much?

1. Acorns

Acorns simplifies saving by rounding up your purchases and investing the difference in low-cost exchange-traded funds (ETFs). For example, if you spend $10.19 at a cafe, Acorns rounds up to the next dollar amount and invests the left over $0.81. You can set up direct deposits to your Acorns account to invest even more money.

Best features:

• Choose from a Roth, traditional or SEP Individual Retirement Account (IRA), or open a taxable brokerage account.

• Invest in a variety of ETFs to build a diversified portfolio that includes stocks and bonds.

• Learn investing basics through helpful videos and other educational resources.

• Open checking and savings accounts that both earn a competitive APY.

• Track investment performance in real time through the user-friendly app.

Pricing: Acorns has three tiers: bronze, silver, and gold. The monthly subscription fee—$3 to $12—depends on the level of account. The silver and gold levels have an IRA percentage match of 1% and 3%, respectively, on contributions during the first year of account ownership. 

Who it's for: Acorns could be a good fit for people who are new to investing and want to start saving for retirement regularly, but in smaller increments. 

How to get started: Download the Acorns app from the App Store or Google Play and link it to your financial accounts. There's no minimum deposit to open an account, but you need $5 to start investing. 

Find out more: Acorns.com

2. RetirePlan

RetirePlan uses your age, income, and desired retirement date to generate a custom roadmap for saving and investing. You can see how much you need to save to reach your goals, in a visual format that includes graphics and charts. You can also generate an Excel spreadsheet for your financial planning.

Best features:

• Get a basic outline of what you need to save and invest for retirement.

• Add your spouse's information, Social Security estimates and major life events to get a more complete picture of your financial outlook.

• Experiment with different financial scenarios such as interest rate changes or higher inflation to see how they might affect your progress.

Pricing: The app costs $4.99 in the App Store and $2.99 on Google Play, and has in-app purchases. 

Who it's for: RetirePlan may appeal to people who want to see how different "what-if" scenarios could affect their retirement goals. You can revisit your plan and adapt the numbers as much as you want. 

How to get started: Download RetirePlan through the App Store or Google Play. Create your account, then plug in your personal and financial details to build your roadmap. Since this is a calculator app, you don't need a minimum deposit to open an account.

Find out more: RetirePlan

3. Achieve MoLO

MoLO stands for Money Left Over, and this money management app can help you save for retirement by putting you in control of your spending today. MoLO estimates how much you’ll have left over each month to pay toward debt or save for retirement. That could help you feel confident about your next money move, and give you a clearer sense of your whole financial picture. 

Best features:

• Easily see how much money you have left in your budget each month to fund your goals.

• Get personalized recommendations and insights to motivate you to spend less and save more.

• Challenge yourself to save more, and earn badges for hitting your targets.

• Connect all your bank accounts in one place to easily track and organize expenses.

• Predict future transactions for a more-accurate budget.

Pricing: MoLO app is free on Google Play and in the App Store. It's also free of third-party ads and doesn't require in-app purchases. 

Who it's for: You might check out the MoLO app if you live paycheck-to-paycheck and want to make your budget more efficient. You could use leftover money to invest in your retirement, build an emergency fund, or meet other financial goals.

How to get started: Download the MoLO app for free, then connect your financial accounts to start tracking your expenses. Once you’ve connected, get personalized recommendations on how to maximize leftover money. There are no minimum deposit requirements. 

Find out more: Achieve MoLO

4. Stash

Stash is designed to make investing more accessible, and you don't need experience with stock trading to use the app. You can open a Roth, traditional, or SEP IRA for retirement, or choose a brokerage account. Stash also offers banking services with no hidden fees. 

Best features:

• Use automated investing or invest your own way with stocks, ETFs, and other securities.

• Get personalized recommendations for what to invest in based on your goals, risk tolerance, and other factors.

• Buy whole or fractional shares of your favorite stocks.

• Track your goals with 24/7 access to the Smart Portfolio feature.

• Earn rewards that translate to shares of stock with the Stash stock-back debit card.

Pricing: Stash has two subscription plans: Growth ($3 a month) and Stash+ ($12 a month). Both plans offer a free 7-day trial so you can test out the features. 

Who it's for: Stash could be a great fit for beginning investors, or for people who have some experience with stock trading and want to access fractional shares. You can choose from thousands of stocks and ETFs, or invest in Stash's portfolios. 

How to get started: Download the Stash app from the App Store or Google Play Store and choose your plan to open an account. You need at least a $1 minimum deposit to start investing, though some fractional share purchases require a minimum of $5. 

Find out more: Stash

5. Betterment

Betterment is a robo-advisor that also offers banking services. You can open an automated investment account, a high-yield cash reserve savings account, a checking account, or an IRA. Betterment also offers a solo 401(k) option for people who are self-employed and want to start their own retirement plan. 

Best features:

• Invest in automated portfolios with rebalancing and tax loss harvesting built in to help you manage risk and keep more of your investment growth.

• Earn a competitive APY on cash reserve accounts for money you want to save until you're ready to invest it.

• Invest in stocks, bonds, socially responsible investments, and even cryptocurrency for a diversified portfolio.

• Get a no-fee checking account with automatic reimbursement of ATM and foreign transaction fees.

• Roll over a 401(k) or another retirement plan with guided support from Betterment.

Pricing: Betterment charges $4/month for investment balances up to $20,000; the price changes to 0.25% annually if you have a $250 monthly recurring deposit or a balance between $20,000 and $1 million. 

Who it's for: Betterment is suited to people who are mainly focused on saving and investing for retirement versus budgeting or debt repayment. The cash reserve account offers an attractive APY, and Betterment's fees are low relative to other investment apps. 

How to get started: Download the Betterment app in the App Store or Google Play Store, or open an account online. There's no minimum balance required to open an account, but you need a minimum of $50 to qualify for rebalancing. 

Find out more: Betterment

Free vs. Paid Retirement Planning Apps

When you have a limited budget, you want to make every penny count. A free retirement app could make the most sense if you have zero extra to spare. If you do have a few leftover bucks, consider whether the features you could get with a paid app would be useful. 

Out of the apps shared here, only MoLO is completely free. You won't pay anything to see how much money you can dedicate to retirement or your debt. You can get personalized advice and challenges to push you toward your goals. However, you don't have an in-app path to investing the extra money in your budget. 

Betterment, on the other hand, is an all-in-one app that can help you track your expenses, save, and invest for the future. Rebalancing and tax loss harvesting features mean the app buys and sells investments to keep your portfolio aligned with your goals and minimize what you owe in taxes. You pay $4 a month or 0.25% annually, based on how much is in your account. But essentially, you get a financial advisor you can keep in your pocket without the typical 1% to 2% fee an advisor charges. If you also have a cash reserve account, the interest you earn could help balance out some of what you pay in fees. 

Paying for a retirement planning app could make sense if you:

• Need more than a basic budget app

• Want to bank and invest in the same place

• Can unlock premium features like rebalancing or tax loss harvesting for a reasonable fee

• Have room in your budget for the fee

Read the fine print on pricing to check for hidden fees. For example, if the app charges to transfer money into your account from your bank, you want to know that upfront. Also familiarize yourself with the fees your investments charge. Exchange-traded fees, for instance, have expense ratios that are separate from the app fees. These are fees you pay to own shares in the fund. For example, an ETF might have an expense ratio of 0.15%. The higher this number is, the more it costs you to invest.

If you're interested in a paid retirement app, look for one that offers a free trial, like Stash. Take time to fully explore all of the features, starting with the ones that you think you'll use most. Test the user experience to see how easy the app is to navigate, and note what you do and don't like about it. 

Do test runs for any apps you consider, if possible. Then compare notes to see which offers the best/worst experience and value for the money. 

Retirement Planning Apps for Different Life Stages

Your age and life circumstances can influence how you plan for retirement, and which app might best help you do it. So think about where you are now and where you want to go to decide which app to use. 

Here are some examples of what to look for in a financial app, based on your life stage.

Security and Privacy Considerations

Any time you share financial information with an app or link your bank accounts, security has to be a concern. You want reassurance that your private details are safe, and that no one can access them without your permission. 

As you compare retirement apps, look at their security protocols and ask these questions:

• Does the app use bank-level encryption to secure user information? 

• Is your data stored on a secure server?

• Is the company that issues the app subject to regulation by the Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), or any other regulatory entities? 

• Does the app have a clear data privacy and protection policy? If so, does it explicitly say how your information is collected, used, and shared?

• Can you opt out of data sharing?

A reputable app should have clear security policies that are easily accessible. Customer support should also be able to answer questions about security. Don't rely on the app's security policies alone, however. Take these steps to protect yourself when using financial apps: 

• Choose a unique password and don't share it with anyone.

• Update your password regularly.

• Enable multi-factor authentication that requires a secure passcode to log in.

• Secure your mobile device with a unique password or biometrics.

• Set up alerts to monitor your financial accounts for new activity, including logins, password changes, purchases, and withdrawals. 

• Avoid using unsecured or public WiFi when logging into the app or other financial accounts. 

Start Saving For Your Retirement Today

Using apps to help save for retirement could simplify the process of building a nest egg for your post-work years. If you want a debt-free retirement, think about how your debt payments fit alongside your investments. If you have high-interest debt such as credit cards, tackle it before you put all of your energy toward investing. 

One of the most important aspects of retirement savings is to give your investments as much time as possible so that compound interest—that’s interest on your interest—can really work in your favor. Find an app that can help you get on top of your retirement savings today.

Looking for debt relief in Texas or across the country as part of your retirement plan? The first step is the most important one—explore your options.