4 Features to Look for in a Retirement Savings App

23 December 2020
 Categories: , Blog


When it comes to managing your money and saving for retirement, there are many ways to track one's progress towards these goals. One tool that can be useful in retirement planning is a retirement savings app for certified financial advisors. With the help of a financial planner, you can understand these apps and start using one yourself. This guide describes a few traits you should look for in these apps.

#1: Two-Factor Authentication

Most retirement savings apps will ask you to link your bank account and any retirement accounts to the app. Because this is personal financial information, you should only use a highly secure app.

One sign of a highly secure app is two-factor authentications. With two-factor authentication, you will have to verify your account via two security checks, such as entering your password and entering the code sent to an email or your phone number.

Don't share personal information with an app that doesn't offer two-factor authentication.

#2: Mobile Functionality

Next, when looking for a retirement planning app, look for an app that has full mobile functionality. Some companies only offer full functionality on their web platform, which means you can't access the planning tools' full capability via your mobile phone.

That can be extremely limiting. Ensure that any app you use provides for the full use of all retirement planning tools on the mobile platform.

#3: Range of Retirement Planning Tools

Next, you will want to look for an app that offers a range of retirement planning tools. For example, you want a tool that will analyze your deposits into your savings account and project the growth based on a savings account's interest rate.

You may also want a tool that will analyze your deposits into your 401(k) account and analyze how they will grow over time. A useful retirement savings app will allow you to track your multiple retirement investments and see how your investments are projected to grow over time. Additionally, a useful app will also provide you with analysis and tips to increase your investments.

#4: Dedicated Financial Advisor

When it comes to planning for your retirement, you don't want to rely on algorithms. You want the assistance of a professional financial advisor.

Look for a retirement planning app that will assign you a dedicated financial advisor to help you with asset planning and purchases. Some retirement apps may require you to have a specific amount of money saved up before they will assign you a financial advisor.

It is essential to save up for your retirement. A retirement saving app is one tool you can use, alongside a dedicated financial advisor, to track your retirement goal and ensure you are on the right path.