Five Apps to Help Save for Retirement
- UpdatedNov 6, 2024
- Apps can make saving for retirement easier.
- Apps can automate your investment portfolio, find ways to save and track your spending.
- The sooner you start, the easier it is.
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If you’re not saving for retirement, you’re not alone. According to a 2019 survey from Freedom Debt Relief, 60 percent of Americans aren’t saving enough for retirement. There are many things that could be stopping you from saving, one of which may just be the challenge of getting started.
The good news is that technology now makes saving for retirement much easier than you might think, keeping you on track and giving you the jump-start you need with saving apps. To give you some ideas of what is available, here are a few apps to save for retirement.
The company tagline, “Investing on autopilot,” is enough to make even the busiest person take a second look. The idea is simple: grow money for retirement by automating the investment process. Your portfolio is custom-built in minutes, and their staff provides guidance along the way.
With just a $500 initial investment and $25 deposits each month (at their “growth” risk level), you could save $2,400 for retirement in the first five years—and that’s just investing at a base level. The more money you make, the more you can invest, and the more you’ll save.
If managing money is your challenge, Personal Capital is one solution. One of the best free apps to save for retirement, it tracks all of the account you load into the app and provides insights on:
Spending goals
Savings goals
Net worth
Hidden fees
Investments
Personal Capital also provides a Retirement Planner tool which allows you to “Build, manage and forecast your retirement in one convenient location…” and an easy-to-understand dashboard which uses graphs showing where you’re at and where you can improve, taking one step at a time toward building your retirement fund.
With Stash, you create your own individual retirement account (IRA), either as a Roth or traditional. If you don’t know which one to use, the app will walk you through the process of choosing the right one for you. Stash explains the benefits and drawbacks of each one on their website, so you can educate yourself.
Investment is made easy with this app—in fact, as easy as investing your spare change. The idea is simple: Acorns rounds up your leftover change from everyday purchases into monthly investments. This is called “micro-investing” and it’s one of the best apps to save for retirement with little-to-no effort.
Acorns offers a retirement-specific account, called Acorns Later, in which you set up an IRA that’s right for you. The app will also update your account regularly to match your current financial goals, allowing you to move toward a comfortable future without ever thinking about it.
Whether you’re new to investing for your future or are an expert saver, this app could be for you. With three different plans, you can find the path that allows you to be most successful—beginner, hands-off, or hands-on. If you’re not even sure what your financial goals are, Betterment’s questionnaire will help you figure them out, while giving you a complete picture of your finances as they stand right now.
You pay one low annual fee to access the app’s investment opportunities, expertise, and tracking dashboard.
Start saving for your future today
If you’re ready to start saving for retirement but don’t know where to start, using apps to save for retirement could be an important first step. Learning how to deal with money and planning for your future doesn’t need to be hard. Our simple-to-follow guide will help you plan your financial future. Get started by downloading our free guide right now.
*Editor’s Note: Freedom Debt Relief did not receive compensation or any other benefit for mentioning any of the companies listed in this post, nor do we specifically recommend them above others who provide the same services. Our intent is solely to provide you with information that may assist you in saving for retirement. Please seek the advice of a financial professional before choosing an investment plan of any kind.
Learn More
How Will Coronavirus Impact My Retirement Savings? (Freedom Debt Relief)
How to Recession-proof Your Retirement (Wharton)
60% of Americans Aren’t Saving Enough for Retirement (Freedom Debt Relief)
A look into the world of debt relief seekers
We looked at a sample of data from Freedom Debt Relief of people seeking debt relief during September 2024. This data highlights the wide range of individuals turning to debt relief.
Age distribution of debt relief seekers
Debt affects people of all ages, but some age groups are more likely to seek help than others. In September 2024, the average age of people seeking debt relief was 49. The data showed that 16% were over 65, and 17% were between 26-35. Financial hardships can affect anyone, no matter their age, and you can never be too young or too old to seek help.
Credit card debt - average debt by selected states.
According to the 2023 Federal Reserve Survey of Consumer Finances (SCF) the average credit card debt for those with a balance was $6,021. The percentage of families with credit card debt was 45%. (Note: It used 2022 data).
Unsurprisingly, the level of credit card debt among those seeking debt relief was much higher. According to September 2024 data, 88% of the debt relief seekers had a credit card balance. The average credit card balance was $15,142.
Here's a quick look at the top five states based on average credit card balance.
| State | Average credit card balance | Average # of open credit card tradelines | Average credit limit | Average Credit Utilization |
|---|---|---|---|---|
| Alaska | $18,493 | 7 | $24,102 | 89% |
| Connecticut | $18,231 | 9 | $28,791 | 94% |
| New Jersey | $18,127 | 9 | $27,261 | 91% |
| Minnesota | $17,744 | 8 | $25,731 | 82% |
| New Hampshire | $17,333 | 8 | $26,156 | 92% |
The statistics are based on all debt relief seekers with a credit card balance over $0.
Are you starting to navigate your finances? Or planning for your retirement? These insights can help you make informed choices. They can help you work toward financial stability and security.
Tackle Financial Challenges
Don’t let debt overwhelm you. Learn more about debt relief options. They can help you tackle your financial challenges. This is true whether you have high credit card balances or many tradelines. Start your path to recovery with the first step.
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