Digital tools can help you track your savings, invest your money and plan your retirement. Depending on how detailed you want to be and how much you’re willing to spend, there are many different options. Some are free, while others require a one-time payment or have ongoing subscription fees. Some offer guidance from a human financial advisor, while others provide more hands-off automated experiences. This link ex-ponent.com

A good place to start is with a basic calculator that takes your overall goals into account. This can include your retirement date, expenses, and a general picture of your current net worth. Some of these tools can also run Monte Carlo simulations to see how your portfolio might fare under a range of scenarios.

What is the best Retirement Planning Tool?

Some of these tools can even connect you with a financial planner to deliver a more holistic, personalized experience. They may require you to give them permission to access your accounts so that they can analyze your full financial situation. While this adds some complexity to the process, it can be useful for those who prefer to work with an expert.

For a more detailed, interactive experience, try Boldin (formerly NewRetirement). This robust tool models all aspects of your financial life and includes a comprehensive plan and roadmap similar to that you’d get from a financial advisor. You can adjust tax rates, inflation, Social Security assumptions and even model a recession to see how it would affect your plans. You can also link your actual accounts and monitor your progress over time.