Here's a comprehensive guide to the best retirement planning tools, tailored to different stages of your journey. From free budgeting apps to full-service brokerages, these tools offer a range of features to help you secure your financial future. Whether you're just starting to save or looking to optimize your existing retirement plan, there's a tool for you.
Best Overall: Fidelity
Fidelity is a powerhouse in the financial services industry, offering a wide array of retirement planning tools. It's particularly strong in the following areas:
- No Commission Fees: Zero commission fees for stock, ETF, options trades, and some mutual funds.
- Robo-Advisor: Fidelity Go® offers automated investing with no advisory fees for balances under $25,000.
- Human Advisors: Access to unlimited 30-minute coaching calls with a Fidelity advisor for accounts of $25,000 and over.
- Educational Resources: Extensive tools and industry-leading research from 20+ independent providers.
- Customer Service: 24/7 support and over 100 brick-and-mortar branches across the U.S.
Pros:
- No commission fees for stock, ETF, options trades
- No transaction fees for over 3,400 mutual funds
- Fidelity Go® portfolios use Fidelity Flex® mutual funds with zero expense ratios
- Human advisors manage day-to-day Fidelity Go® portfolio decisions
- Unlimited 30-minute coaching calls with a Fidelity advisor for accounts of $25,000 and over
- Tax-loss harvesting available on taxable Fidelity Go® accounts with $25,000 or more
- Abundant educational tools and resources with research from 20+ independent providers
- 24/7 customer service
- Over 100 brick-and-mortar branches across the U.S.
Cons:
- Fidelity Go® has a 0.35% advisory fee per year for balances of $25,000 and over
- Fidelity Go® invests only in Fidelity Flex® mutual funds (no third-party ETFs or individual securities available)
- No socially responsible or ESG portfolio option through Fidelity Go®
- Some of Fidelity's mutual funds require reaching specific thresholds
- Reports of platform outages during heavy trading days
Best for Getting Started: SoFi
SoFi Invest is designed to make retirement investing feel less intimidating. Here's why it's a great choice:
- No Commission Fees: Zero commission fees for trading stocks, ETFs, and options.
- Robo-Advisor: SoFi's automated investing platform offers a 0.25% annual advisory fee.
- Financial Planning: Complimentary access to a financial planner for a 30-minute session.
- IRA Options: Traditional, Roth, and SEP IRAs with $0 commissions on stocks and ETFs.
- Fractional Shares: Ability to purchase fractional shares with a $5 minimum.
Pros:
- $0 minimum deposit for active, automated investing and IPO participation
- Ability to purchase fractional shares with a $5 minimum
- Commission-free trading on stocks, ETFs, and options
- No management fees for automated investing
- Variety of bonuses being offered
- All members get access to certified financial planners at no extra cost; SoFi Plus members get unlimited sessions
- 1% match on eligible IRA contributions and rollovers
Cons:
- Minimums required for fractional shares ($5)
- Exchange and fund management fees may apply with active investing
- $25 annual inactivity fee (waived if you log in at least once every six months)
- No tax-loss harvesting for automated investing
Best for Set-It-and-Forget-It Investing: Betterment
Betterment is ideal for those who prefer a hands-off approach to retirement planning:
- Robo-Advisor: Automated investing with portfolios built around your financial goals, timeline, and risk tolerance.
- Fees: Base price is $5/month for investing accounts; switches to 0.25% annually once you reach $24,000 in total balance or set up $200/month in recurring deposits.
- Educational Resources: Expert-written guides on investing basics, retirement planning, and personal finance.
Pros:
- No trade or transfer fees
- Automated investing with portfolios built around your financial goals, timeline, and risk tolerance
- Assign specific goals to each portfolio and invest using different strategies
- Quick and easy account setup with the ability to sync external retirement accounts
- Advanced features include automatic rebalancing, tax-loss harvesting, and socially responsible investing
- Premium plan users ($100,000 minimum) get unlimited access to certified financial planners (CFPs)
Cons:
- $5/month fee for investing accounts (switches to 0.25% annually once you hit $200/month in recurring deposits or $24,000 in total balance)
- Premium plan requires a $100,000 minimum balance
Best for a Complete Retirement Roadmap: Boldin
Boldin is a comprehensive retirement planning platform that goes beyond simple yes-or-no scores:
- Free Version: Enough to check whether you're on track for retirement.
- PlannerPlus: Offers far more depth, including tax and Roth conversion modeling.
- Features: Project retirement income, run "what if" scenarios, and get a Chance of Success score based on Monte Carlo analysis.
- Security: Bank-level security and relies on Plaid to link outside accounts.
Pros:
- Free version is enough to check whether you're on track for retirement
- PlannerPlus offers far more depth than most competitors, including tax and Roth conversion modeling
Cons:
- No dedicated mobile app
- Account linking and most advanced features are locked behind the paid tier
Best Free Money Tracker: Empower
Empower is a user-friendly budgeting app that also tracks your wealth:
- Features: Budgeting app, investment tool, net-worth tracker, and financial planning tips.
- Security: Data encryption, fraud protection, and strong user authentication.
Pros:
- Free to use
- Includes money-tracking dashboard, plus a net-worth tracker
- Syncs to your bank and credit cards as well as other financial accounts
- The Currency blog offers financial planning tips
- Security features include data encryption, fraud protection, and strong user authentication
Cons:
- Budgeting features aren't as comprehensive as other apps
- Investment management services come with a cost
Best for Combining Retirement Planning and Banking: Charles Schwab
Schwab Bank's Investor Checking account is a great option for those who want their everyday banking and retirement accounts in one place:
- Features: Linked to a Schwab One brokerage account, managing cash and investments through the same platform.
- Benefits: No monthly fee or account minimum, no foreign transaction fees, and Schwab reimburses ATM fees worldwide with no cap.
- Retirement: Access to Schwab's planning tools and IRA options without needing a separate banking relationship.
Best for Uncovering Money to Put Towards Retirement: Rocket Money
Rocket Money helps you identify and cancel unwanted subscriptions, potentially freeing up money for retirement contributions:
- Features: Easily cancel unwanted subscriptions, track spending and credit score, automate savings, and get help lowering bills.
- Security: Accesses transaction data via an encrypted token, uses Plaid API, provides bank-level 256-bit encryption, and hosts servers on Amazon Web Services.
Pros:
- Allows you to easily view and cancel unwanted subscriptions
- Offers a free version
- A+ from Better Business Bureau
Cons:
- Nonrefundable bill negotiation fee can be up to 60% of savings
- Premium pricing varies
