Building on the theme of retirement this week, below are some of the best apps for automating retirement savings if you don't have an employer who automatically deducts an amount from your paycheck every month. You should definitely spend sometime perusing each of these sites individually. Give some deliberate thought to what you realistically have the bandwidth to do. and what you can afford. Ask yourself if you trust robo investing or if you need a hands on approach. Your bank might also have a great budgeting/tax /tracking tool so you might just need an automated retirement contribution. Anyway, check out the below.
1. Empower: Empower {formerly Personal Capital) is a versatile financial planning platform that offers comprehensive financial planning and investment management services. It allows you to link your accounts, track your net worth, and set up automatic contributions to retirement accounts. With its user-friendly interface and powerful financial tools, Empower can be a valuable asset in your retirement savings strategy.
2. Mint: Mint, created by Intuit. With partners like Creditkarma, Turbotax and Quickbooks, Mint is probably the most robust financial budget and planner tool available. It doesn't directly transfer funds to retirement accounts, like the other sites on this list, but it does excel in helping you manage your finances effectively. You can use Mint to track your spending, create and manage your budget, and set financial goals. By keeping a close eye on your financial health, you can allocate more funds to your retirement savings.
3. Acorns: Acorns is a simple way to invest without even thinking about it--rounds up your everyday purchases to the nearest dollar and invests the spare change in diversified portfolios, which can include retirement accounts.
4. Betterment: Betterment is a robo-advisor that specializes in automated investing and retirement planning. It's known for its user-friendly interface and provides guidance on setting up automatic contributions. Betterment can create a diversified portfolio based on your risk tolerance and financial goals, making it a convenient choice for hands-off investors.
5. Wealthfront: Wealthfront is another robo-advisor that offers automated retirement account services. It can help you automate your contributions and manage your investments based on your financial goals. With features like tax-efficient investing and automated rebalancing, Wealthfront aims to optimize your retirement savings strategy. They are also super transparent with their pricing ,and you can start with just one dollar.
6. Ellevest: Ellevest is a financial platform designed specifically for women, offering guidance on retirement planning and tools for automated contributions to retirement accounts. It takes into account the unique financial needs and goals of women and tailors its recommendations accordingly.
Incorporating these tools into your retirement savings strategy can provide you with multiple pathways and with the assistance of technology, nontraditional workers can enhance their financial well-being and secure a comfortable retirement. If you haven't started to save for retirement, the time is now--you are worth the investment.
