Australians consistently fall short of their retirement goals, and this alarming trend is paving the way for a new wave of apps. Faced with the daunting challenge of managing their savings, a growing number of millennials are turning to apps for retirement planning. According to a study conducted by the University of Melbourne and Towers Watson, a majority Australians aren’t saving enough for retirement. While 53 percent of couples are on track, single people are three times as likely to be underprepared for retirement. These shocking figures make inadequate savings a significant public policy issue in Australia.
Even though mastering your finances takes plenty of sacrifice and dedication, there are plenty of apps to help. Retirement planning isn’t easy, especially when most people are living paycheck to paycheck. Fortunately, this conundrum hasn’t been ignored by app developers. Over the last ten years, a slew of apps have debuted that claim to help users reign in their finances. While this wave of new options is welcome, it puts users who are choosing retirement guidance into a unique predicament.
Now that the options are limitless, finding the best retirement planning app can be a daunting task. There are too many programs to choose from, and not all apps offer the same quality of service. To help our readers get their finances on track, we compiled a list of the best apps to help users prepare for retirement. There’s nothing worse than realizing you could have saved years ago, so start planning ahead with these apps!
Best Retirement Planning Apps in 2019
App #3: Pocketbook – When it comes to preparing for retirement, properly monitoring your finances is essential. For this reason, this Australian saving app is a godsend. By syncing to your bank account, Pocketbook allows users to track their expenses by sorting them into categories. This key organization allows users to see where their money is going, and make strategic adjustments to their spending.
Even though tracking spending is the main feature of this app, this service is complimented by plenty of amenities. Users get access to weekly, monthly and six-monthly overviews that provide valuable insight on their finances. The app can also help clients set up safety spending limits, which allows them to get problem areas under control. It’s never too late to save your finances, so discover which sacrifices need to be made by analyzing Pocketbook’s analytics!
App #2: Raiz Invest – Formerly known as Acorns Australia, this program helps normal people put their spare change to work. Even though investing in the stock market can be confusing, Raiz Invest streamlines the entire process. After filling out a brief questionarre, users are one step closer to making wise investments. Once the program has an idea of the user’s goals, it gets connected to your main payment method.
From there Raiz Invest rounds up all your transactions and sends the spare change to a custom stock portfolio. You’ll be amazed at how quickly you gain enough money to make hefty investments, so don’t let your change lay idle. This method is a key tool for the financially disadvantaged, so utilize its advantages to create savings out of your normal spending!
App #1: Betterment – When it comes to building your portfolio, no program takes the guesswork out of investing more than Betterment. Boasting over $15 billion in managed asset, this company is the undisputed top robo-advisor in the world. After answering a few questions about your investment goals, Betterment does all the rest. Their innovative algorithm strategically invests your money, which provides an average return of 8% per year. They only charge a 0.25% fee and there’s no account minimum, so use their algorithms to properly prepare for retirement!