Planning for retirement, including managing your 401(k) or establishing an IRA, can feel overwhelming. Thankfully, several digital tools can enhance your retirement strategy.

If you've been putting off managing your 401(k) or establishing an IRA because you're unsure where to begin or simply lack time, look no further.

Whether you're uncertain about your retirement savings needs, need to evaluate your current retirement funds, or your employer lacks a retirement plan, we've gathered key retirement tools like Plynty, Blooom, and Honest Dollar, along with straightforward reviews of each.

Select the one that fits you best, and take charge of your retirement management effortlessly.

Not Sure How Much You Need for Retirement?

Plynty

Overview
Plynty assists you in creating a practical retirement savings plan tailored to your lifestyle.

It starts by asking for details such as your annual income and whether you're planning for one or two people. The app then considers any anticipated retirement income to calculate expected expenses.

Plynty first helps users grasp their essential living costs and how these will evolve into retirement.

The app assumes your retirement lifestyle will mirror your current one, allowing you to maintain your preferred way of living when you retire, which is great for those who appreciate life's pleasures.

The personalized plan illustrates what your retirement expenses could realistically look like, supported by a straightforward checklist of influencing factors, including expected Social Security benefits, pensions, retirement annuities, and an estimated travel budget. Who's up for a cross-country RV adventure?

Pros:
The app features a clean, user-friendly interface. Additionally, the interactive pie chart displaying retirement expenses against income is an excellent tool for assessing your financial standing.

Cons:
This app might confuse beginners due to its multi-step process, but the accessible checklist makes it a bit easier to navigate.

In Summary
This app is ideal for users with some knowledge of personal finance and retirement planning, but it might be challenging for those just starting.

Looking to Evaluate Your Retirement Funds?

Blooom

Overview:
This online financial planning tool reviews your 401(k) with its unique algorithm to optimize your stock allocations, reviewed by a licensed adviser.

It adjusts your account within 30 days of registration and continually optimizes as needed.

No need to transfer your 401(k); just link it to Blooom. The tool evaluates your investments, flagging issues like high fees and whether your stock and bond allocations are appropriate.

After identifying potential problems with your 401(k), Blooom provides corrective suggestions, showing various investment options that may yield better results while lowering your fees. On average, clients save 37% on fees.

Best of all? Blooom manages your account and adjusts your 401(k) investments as market conditions change.

Blooom charges a flat fee of $10 monthly.

Benefits:
Wondering why adjusting your 401(k) matters? Simply putting money into it isn't enough; you need to invest it wisely. (A money market fund is not an investment; it's cash.)

Also, your asset allocation must align with your retirement timeline. Blooom aids with this.

They claim you can enhance your 401(k) in five minutes, less time than it takes to grab a coffee.

Drawbacks:
No smartphone app exists, which can be limiting for those on the go. Personally, I prefer having everything accessible via my phone.

In Summary
I appreciate Blooom. Understanding the necessity of investing your 401(k) funds, along with appropriate asset allocation and regular rebalancing, is crucial for achieving retirement goals.

But how many people actually know how to do this? Blooom simplifies the process and ensures it gets done. I believe their fees are justified by the difference between my inaction and their proactive approach to rebalancing.

Plus, I love how Blooom visualizes your account growth with a flower icon—Blooom, bloom, flower, growth. Adorable pun!

GIVE BLOOM AS A GIFT: Share the gift of Blooom!

Your Employer Lacks a Retirement Plan?

Honest Dollar

Overview
If you're employed by a small business or are a freelancer, you might not have access to an employer-sponsored retirement plan, making the idea of starting your own IRA seem daunting.

You're not alone—over a third of Americans lack access to employer-sponsored retirement options.

Consider discussing with your employer the possibility of implementing a service like Honest Dollar.

This app acts as a platform for small businesses and startups wishing to provide retirement accounts for their employees. You can opt for a standard IRA or Roth IRA through Honest Dollar, with options for employer contributions. Always take advantage of such offers when available; it's free money!

Setting up takes just 90 seconds—users can scan their driver's license or manually enter details, link their bank accounts, select their contribution amount, and start saving. It's that simple.

Users can view pie charts displaying their investment allocations, like 20% bonds and 80% stocks, along with their total retirement savings goal.

Pros
Honest Dollar, acquired by Goldman Sachs in 2016, distinguishes itself among financial technology apps. It's user-friendly, quick to set up, and addresses a significant gap for those who lack retirement account access.

Cons
You can't roll over existing IRAs or 401(k)s into Honest Dollar, so it's primarily for newcomers to retirement savings unless you want multiple accounts. Personally, I prefer consolidating all my accounts.

Additionally, employers cannot integrate Honest Dollar contributions with payroll. Instead, contributions come directly from users' bank accounts.

In Summary
Honest Dollar is a solid choice for those beginning their retirement savings journey or lacking access to employer-sponsored plans.