September 21, 2023

What to Look for in a Mobile Retirement Planning App

  • September 15, 2023
  • 6 min read
What to Look for in a Mobile Retirement Planning App

If there’s one thing anniversary awards for employees accomplish on behalf of a business, it’s motivating workers and increasing your profits. Say the pros at EDCO.com, employee service, and anniversary awards are a terrific way to personally recognize your top employees for their dedication to duty and their productive efforts. Anniversary awards for employees, in particular, are a reminder that staying loyal to the same company for years, if not decades, has its nonfinancial perks, including pride and creating a winning workplace culture. 

But there’s another side to being presented with an anniversary award. It reminds you that sooner or later, your time will come to retire. That said, how can you be sure you’ll have enough money to retire to keep you living in the comfortable manner you’ve become accustomed to for all these years? The answer is simple: There’s an app for that. 

According to a new report by Benzinga,  the days of having to rely on a financial planner are gone. Managing your retirement can be accomplished by utilizing financial planning software. It gives you the option of managing your money right on your smartphone. A financial and budgeting planning app will assist you with keeping track of all your assets while making sure you have enough cash to retire on whether you decide to give up the day job as early as 62 or as late as 70. 

In 2023, there are some popular retirement planning and financial tracking apps you should not ignore if you want to enjoy a secure future. They work with iOS, Android, and Windows platforms. Each of them possesses its own unique tips and offerings that will help you decide which one is the right app for you. 

Defining a Retirement Tracking App

The retirement planning app is a piece of compact software that helps you sync the right data with your checking and savings accounts. They also synch with your IRA and your 401(k). They are engineered to allow you to see all your finances and investments in one single digital location and are said to be useful for adults of all ages and stages of your working years. 

While most retirement planning apps are said to be geared toward long-term savings, the top planning apps can also offer you a complete overview and solutions to planning, saving, and budgeting for short and medium-term situations such as purchasing a new home, vehicle or paying for some or all of your child’s college education prior to retirement.  

One of the major advantages of using a digital retirement app is that you can manage your investments in real-time from anywhere in the world, which can be especially useful for freelancers who can work from anywhere or if your job requires frequent travel and access to a desktop computer is extremely limited. However, bear in mind that almost all apps will offer you desktop compatibility, while just a few will be limited to your smartphone or other mobile platforms.

What to Look for in Retirement Tracking App

Some of the most basic qualities you need to look for in your app are the following: 

Full compatibility and functionality: When choosing a retirement calculating and planning app, you want one that does not limit functionality from its website platform. You should be aware that some retirement software apps are limited to “viewing-only capabilities.” 

For instance, the Vanguard app will allow you to see your current retirement portfolio, but it will not allow you to trade or sell financial assets on your own. If your app also offers a desktop version of its mobile model, it’s important to make certain it doesn’t “water down” the app prior to your downloading it.  

Multiple financial goal support: 

Most people aren’t just interested in saving for retirement so they can eat and survive one day to the next. They wish to save for a more satisfying lifestyle. Maybe you want to save for your grandchildren’s education, purchase a new home on the beach or in the mountains, or buy that new car you’ve had your eye on for years. This means going with a retirement and planning app that takes these goals into consideration. 

This is an important feature of a planning app since an app that only offers you data on your retirement savings only will likely underestimate the amount of cash you are going to need when the time comes to end your career. Go with an app that will give you a full picture of what you wish to purchase in the future.   

Safety features such as two-factor authentication: It’s a fact many smartphone apps can be vulnerable to phishing schemes and hacking attacks more often than desktop applications and software. This is because desktop computers utilize comprehensive anti-virus software systems.   

But if you are utilizing a retirement tracking app via your smartphone, you should be able to enable security protocols such as two-factor authentication. This security feature alone will provide the necessary security check that can alert you every single time someone attempts to log into your account from a new zip code or IP address. 

When you attempt to log in via a desktop platform, the app will offer you a unique, one-time code via email or text to make certain the person logging in is the true owner of the account. You will need to pass the two-factor authentication if you happen to log out of the system on your smartphone and, in turn, log in utilizing a new device. 

Only the best retirement planning applications will offer you security features like two-factor authentication when you create your new account. To accomplish this, just go to the settings menu and follow the instructions.  

Few or zero hidden fees: Don’t be fooled by the fine print in the retirement and planning app’s “terms of services.” Only the most popular mobile retirement calculator apps will be entirely transparent by informing you upfront what you will be charged, especially if your app allows you to make asset transactions on your own. It’s a best practice to make certain you can opt-in and out of the fees easily and without any complication whatsoever.  

In the end, retirement should be something you look forward to. People are living longer, and that means your non-working years might last for decades. Utilizing the best planning and retirement apps to calculate precisely the amount of cash you’ll need on hand to do things you want to do and to buy the items you wish to possess is of the utmost importance. Choose your mobile retirement app wisely. 

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