Quick Overview
- 1#1: NewRetirement - Comprehensive DIY retirement planning tool with scenario modeling, Social Security optimization, and Monte Carlo simulations.
- 2#2: Empower - Free retirement planner that links accounts for net worth tracking, investment analysis, and goal-based projections.
- 3#3: ProjectionLab - Interactive Monte Carlo-based retirement simulator allowing custom scenarios, spending strategies, and market simulations.
- 4#4: RightCapital - Advisor-focused financial planning software with advanced retirement income planning, decumulation strategies, and client portals.
- 5#5: WealthTrace - Robust retirement optimization tool featuring stress testing, tax planning, and dynamic asset allocation.
- 6#6: eMoney Advisor - Holistic planning platform with retirement goal tracking, cash flow analysis, and collaborative advisor-client tools.
- 7#7: MoneyGuide - Goal-oriented financial planning software emphasizing retirement success probabilities and strategy adjustments.
- 8#8: MaxiFi Planner - Economically optimized retirement planner that maximizes sustainable spending based on lifetime utility models.
- 9#9: Holistiplan - Specialized tool for Roth IRA conversion ladders and tax-efficient retirement income strategies.
- 10#10: OnTrajectory - Visual retirement trajectory planner with probability cones, sensitivity analysis, and what-if scenarios.
Ranked based on robust feature sets (including scenario modeling, tax efficiency, and risk analysis), user-friendliness, and exceptional value, ensuring they cater to diverse needs of both individual planners and financial professionals.
Comparison Table
Retirement financial planning software simplifies mapping long-term goals, income projections, and investment strategies. This comparison table details features, usability, and functionality of tools like NewRetirement, Empower, ProjectionLab, RightCapital, WealthTrace, and more, aiding readers in evaluating options. By analyzing these software solutions side-by-side, users can streamline their research and identify the best fit for their unique financial planning needs.
| # | Tool | Category | Overall | Features | Ease of Use | Value |
|---|---|---|---|---|---|---|
| 1 | NewRetirement Comprehensive DIY retirement planning tool with scenario modeling, Social Security optimization, and Monte Carlo simulations. | specialized | 9.5/10 | 9.8/10 | 9.0/10 | 9.7/10 |
| 2 | Empower Free retirement planner that links accounts for net worth tracking, investment analysis, and goal-based projections. | specialized | 9.2/10 | 9.5/10 | 9.0/10 | 9.4/10 |
| 3 | ProjectionLab Interactive Monte Carlo-based retirement simulator allowing custom scenarios, spending strategies, and market simulations. | specialized | 9.1/10 | 9.5/10 | 8.4/10 | 9.2/10 |
| 4 | RightCapital Advisor-focused financial planning software with advanced retirement income planning, decumulation strategies, and client portals. | enterprise | 8.8/10 | 9.2/10 | 8.7/10 | 8.3/10 |
| 5 | WealthTrace Robust retirement optimization tool featuring stress testing, tax planning, and dynamic asset allocation. | specialized | 8.5/10 | 9.2/10 | 7.6/10 | 8.1/10 |
| 6 | eMoney Advisor Holistic planning platform with retirement goal tracking, cash flow analysis, and collaborative advisor-client tools. | enterprise | 8.8/10 | 9.3/10 | 8.0/10 | 8.2/10 |
| 7 | MoneyGuide Goal-oriented financial planning software emphasizing retirement success probabilities and strategy adjustments. | enterprise | 8.3/10 | 9.1/10 | 7.4/10 | 7.8/10 |
| 8 | MaxiFi Planner Economically optimized retirement planner that maximizes sustainable spending based on lifetime utility models. | specialized | 8.6/10 | 9.5/10 | 7.0/10 | 8.0/10 |
| 9 | Holistiplan Specialized tool for Roth IRA conversion ladders and tax-efficient retirement income strategies. | specialized | 8.4/10 | 8.7/10 | 8.2/10 | 8.0/10 |
| 10 | OnTrajectory Visual retirement trajectory planner with probability cones, sensitivity analysis, and what-if scenarios. | specialized | 8.1/10 | 8.5/10 | 8.4/10 | 7.8/10 |
Comprehensive DIY retirement planning tool with scenario modeling, Social Security optimization, and Monte Carlo simulations.
Free retirement planner that links accounts for net worth tracking, investment analysis, and goal-based projections.
Interactive Monte Carlo-based retirement simulator allowing custom scenarios, spending strategies, and market simulations.
Advisor-focused financial planning software with advanced retirement income planning, decumulation strategies, and client portals.
Robust retirement optimization tool featuring stress testing, tax planning, and dynamic asset allocation.
Holistic planning platform with retirement goal tracking, cash flow analysis, and collaborative advisor-client tools.
Goal-oriented financial planning software emphasizing retirement success probabilities and strategy adjustments.
Economically optimized retirement planner that maximizes sustainable spending based on lifetime utility models.
Specialized tool for Roth IRA conversion ladders and tax-efficient retirement income strategies.
Visual retirement trajectory planner with probability cones, sensitivity analysis, and what-if scenarios.
NewRetirement
specializedComprehensive DIY retirement planning tool with scenario modeling, Social Security optimization, and Monte Carlo simulations.
Integrated tax and healthcare optimization within scenario-based retirement projections
NewRetirement is a comprehensive online retirement planning platform that empowers users to model their financial future with detailed projections covering net worth, investments, Social Security, pensions, taxes, healthcare, and spending. It offers scenario-based planning, Monte Carlo simulations, and optimization tools to help users achieve retirement goals without needing a financial advisor. The tool stands out for its holistic approach, integrating DIY planning with actionable insights for long-term security.
Pros
- Extremely detailed and customizable projections including taxes, healthcare, and longevity risks
- Robust free version with core planning tools, making it accessible for all users
- Powerful scenario modeling and Monte Carlo analysis for stress-testing retirement plans
Cons
- Interface can feel overwhelming for complete beginners due to depth of options
- No native mobile app, relying on web browser for access
- Advanced optimization tools require premium subscription
Best For
DIY retirees and pre-retirees seeking in-depth, personalized financial planning without advisor costs.
Pricing
Free basic plan with core features; Premium (PlannerPlus) at $120/year for advanced tools like Monte Carlo and tax optimization.
Empower
specializedFree retirement planner that links accounts for net worth tracking, investment analysis, and goal-based projections.
Retirement Planner with dynamic scenario modeling that incorporates live account data, Social Security estimates, and Monte Carlo simulations for precise forecasting.
Empower (formerly Personal Capital) is a robust financial platform specializing in retirement planning, offering tools to track net worth, analyze investments, and project retirement outcomes. Users can link bank, investment, and retirement accounts for a holistic view, using the Retirement Planner to model scenarios like contribution changes, market performance, and Social Security integration. It provides actionable insights and connects users to certified financial advisors for premium guidance.
Pros
- Comprehensive retirement planner with scenario modeling and real-time projections
- Free access to advanced tools including investment checkup and fee analyzer
- Seamless integration with thousands of financial institutions for accurate data aggregation
Cons
- Aggressive upselling to paid advisory services can feel intrusive
- Limited advanced customization options for DIY planners
- Relies heavily on account linking, raising privacy concerns for some users
Best For
Pre-retirees and investors with $100K+ in assets seeking integrated, data-driven retirement planning without initial costs.
Pricing
Core tools and retirement planner are free; premium wealth management advisory starts at 0.89% AUM on the first $1M, tiered lower thereafter.
ProjectionLab
specializedInteractive Monte Carlo-based retirement simulator allowing custom scenarios, spending strategies, and market simulations.
Granular state-specific tax projections integrated into long-term retirement forecasts
ProjectionLab is a powerful web-based retirement planning tool that allows users to build detailed financial projections incorporating investments, taxes, Social Security, healthcare, longevity risks, and expenses. It features Monte Carlo simulations to evaluate plan success probabilities across thousands of market scenarios and supports collaborative plan sharing. Ideal for creating customized retirement strategies with visual dashboards and scenario comparisons.
Pros
- Exceptional tax modeling with federal and state-specific calculations
- Robust Monte Carlo simulations for risk assessment
- Flexible scenario builder with easy sharing and collaboration
Cons
- Steep learning curve for beginners due to depth of features
- Limited direct integrations with brokerage or bank accounts
- No native mobile app, web-only access
Best For
DIY investors and financial advisors needing advanced, customizable retirement projections with probabilistic outcomes.
Pricing
Free basic plan; Pro ($15/mo or $120/yr); Family ($25/mo or $240/yr).
RightCapital
enterpriseAdvisor-focused financial planning software with advanced retirement income planning, decumulation strategies, and client portals.
Dynamic decumulation engine that models sustainable retirement income strategies with tax and longevity risk considerations
RightCapital is a cloud-based financial planning software tailored for financial advisors, specializing in retirement planning with tools for cash flow projections, Monte Carlo simulations, and Social Security optimization. It enables detailed scenario modeling, including decumulation strategies and tax-efficient withdrawal planning, while offering interactive client portals for engagement. The platform integrates with CRMs, custodians, and account aggregators to streamline data management and plan delivery.
Pros
- Modern, intuitive interface with excellent visualizations
- Comprehensive retirement-specific tools like decumulation planning and SS optimizers
- Seamless integrations and strong client portal for engagement
Cons
- Pricing can be steep for solo advisors or small firms
- Steeper learning curve for advanced features
- Less emphasis on non-retirement planning areas
Best For
Financial advisors and firms specializing in retirement planning who need robust modeling and client collaboration tools.
Pricing
Starts at $125 per advisor/month for basic tier, scaling to $200+ for advanced features and enterprise plans with custom pricing.
WealthTrace
specializedRobust retirement optimization tool featuring stress testing, tax planning, and dynamic asset allocation.
Dynamic Monte Carlo engine that simulates 10,000+ scenarios accounting for correlated asset returns and real-world economic variables
WealthTrace is a sophisticated retirement financial planning software that leverages advanced Monte Carlo simulations to forecast retirement outcomes under thousands of market scenarios. It provides detailed cash flow projections, tax optimization, Social Security integration, and what-if scenario analysis to help users stress-test their plans. Designed primarily for financial advisors, it enables dynamic modeling of withdrawals, investments, and longevity risks for comprehensive retirement strategies.
Pros
- Powerful Monte Carlo simulations with market correlations and sequence risk modeling
- Detailed tax-sensitive cash flow and withdrawal optimization
- Extensive scenario planning and goal-tracking capabilities
Cons
- Steep learning curve for non-professionals
- Interface feels dated compared to modern competitors
- Pricing escalates quickly for multi-client advisor use
Best For
Financial advisors and advanced individual planners who need probabilistic, scenario-based retirement projections.
Pricing
Individual plans start at $995/year; advisor editions from $2,500/year with per-client fees.
eMoney Advisor
enterpriseHolistic planning platform with retirement goal tracking, cash flow analysis, and collaborative advisor-client tools.
Dynamic cash flow engine that models retirement scenarios with real-time adjustments for taxes, inflation, and life events
eMoney Advisor is a robust financial planning platform tailored for wealth advisors, specializing in retirement planning through advanced modeling tools like Monte Carlo simulations, cash flow analysis, and Social Security optimization. It enables detailed projections of retirement income, longevity risks, and decumulation strategies, integrating real-time account data for accurate scenarios. The software also features a client portal for interactive goal-setting and plan reviews, fostering advisor-client collaboration.
Pros
- Advanced retirement tools including Monte Carlo analysis and dynamic decumulation modeling
- Strong client engagement via interactive portals and mobile access
- Extensive integrations with over 100 custodians and data aggregators for real-time data
Cons
- High cost, often prohibitive for solo advisors or small firms
- Steep learning curve despite improved UI, requiring significant training
- Less focus on DIY tools, primarily advisor-centric rather than consumer-facing
Best For
Financial advisors and wealth management firms handling retirement planning for affluent clients seeking enterprise-grade tools.
Pricing
Custom quote-based pricing, typically $4,000-$10,000 per advisor annually based on firm size and modules.
MoneyGuide
enterpriseGoal-oriented financial planning software emphasizing retirement success probabilities and strategy adjustments.
The interactive Decision Center, allowing clients and advisors to collaboratively adjust scenarios in real-time for dynamic retirement planning
MoneyGuidePro (moneyguide.com) is a professional-grade financial planning software primarily used by financial advisors for comprehensive retirement and wealth management planning. It excels in goal-based modeling, offering tools like Monte Carlo simulations, scenario analysis, and interactive client visualizations to project retirement outcomes and stress-test plans. The platform integrates with CRMs and portfolio systems, enabling advisors to deliver data-driven, personalized retirement strategies to clients.
Pros
- Advanced probabilistic modeling and Monte Carlo simulations for robust retirement projections
- Highly engaging client-facing visualizations and interactive 'Decision Center' for collaborative planning
- Seamless integrations with major CRMs, custodians, and portfolio management tools
Cons
- Steep learning curve and requires significant training for full utilization
- High pricing makes it less accessible for solo advisors or smaller firms
- Primarily advisor-centric, with limited direct consumer access or DIY features
Best For
Financial advisors and wealth managers serving mid-to-high-net-worth clients who need sophisticated, advisor-led retirement planning tools.
Pricing
Subscription-based for advisors, typically $2,500–$6,000 per user annually, often bundled in enterprise platforms; custom quotes required.
MaxiFi Planner
specializedEconomically optimized retirement planner that maximizes sustainable spending based on lifetime utility models.
Utility-based optimization that dynamically maximizes lifetime consumption while accounting for taxes, longevity, and market risks
MaxiFi Planner is a sophisticated retirement financial planning software that uses advanced optimization algorithms to maximize lifetime utility and sustainable spending for users. It excels in modeling complex factors like federal and state taxes, Social Security claiming strategies, Roth conversions, healthcare costs, and investment returns with Monte Carlo simulations. Designed primarily for financial professionals, it provides precise, data-driven projections beyond basic retirement calculators.
Pros
- Exceptional optimization engine for lifetime spending maximization
- Comprehensive tax and Social Security modeling
- Robust Monte Carlo risk analysis and scenario testing
Cons
- Steep learning curve for non-professionals
- Higher pricing limits accessibility for individuals
- Interface feels dated and less intuitive than competitors
Best For
Financial advisors and planners managing complex, high-net-worth retirement cases requiring precise optimization.
Pricing
Annual subscriptions start at $495 for basic access, up to $1,495 for enterprise features with multi-user support.
Holistiplan
specializedSpecialized tool for Roth IRA conversion ladders and tax-efficient retirement income strategies.
Tax-aware dynamic withdrawal strategies with real-time Monte Carlo probability of success metrics
Holistiplan is a cloud-based financial planning software tailored for retirement advisors, offering tools to model decumulation strategies, tax-efficient withdrawals, and longevity risk. It features Monte Carlo simulations, dynamic spending rules, and integrations with custodians like Schwab and Fidelity for seamless data aggregation. The platform emphasizes holistic retirement planning with visual dashboards and scenario testing to help clients achieve sustainable income in retirement.
Pros
- Specialized retirement decumulation tools with tax optimization
- Robust Monte Carlo analysis and probability-based forecasting
- Strong integrations with custodians and CRMs for efficient workflows
Cons
- Narrower focus on retirement limits broader wealth management use
- Higher pricing tiers required for advanced features
- Steeper learning curve for non-retirement planners
Best For
Retirement specialists advising mass-affluent clients on income sustainability and tax-efficient strategies.
Pricing
Starts at $99/user/month for Essentials; Pro at $199/user/month; custom enterprise pricing available.
OnTrajectory
specializedVisual retirement trajectory planner with probability cones, sensitivity analysis, and what-if scenarios.
Interactive trajectory graphs with probability cones that visualize a range of potential financial outcomes over time
OnTrajectory is a web-based retirement financial planning software that uses Monte Carlo simulations to model thousands of potential future scenarios based on user inputs for income, expenses, investments, and life events. It provides visual trajectory graphs showing probability cones for net worth, helping users stress-test retirement plans and adjust strategies. The tool emphasizes DIY planning with scenario comparisons and goal tracking for long-term financial security.
Pros
- Advanced Monte Carlo simulations for probabilistic forecasting
- Intuitive visual trajectory graphs and scenario builder
- Affordable annual subscriptions with a free basic version
Cons
- Limited automatic account syncing and integrations
- Basic tax and Social Security optimization tools
- No dedicated mobile app, web-only access
Best For
DIY retirees and pre-retirees seeking an accessible tool to visualize and simulate retirement uncertainties without professional advice.
Pricing
Free basic plan; Pro individual at $99/year; Family plan at $199/year.
Conclusion
The top retirement financial planning tools offer varied strengths, from comprehensive DIY modeling to advisor-focused optimization, each designed to guide users toward secure retirement. Leading the pack, NewRetirement stands out with its robust blend of scenario modeling, Social Security optimization, and Monte Carlo simulations. Close rivals Empower and ProjectionLab provide strong alternatives: Empower excels with free, account-linked net worth tracking and goal projections, while ProjectionLab impresses with interactive, customizable simulations. The right choice depends on individual needs, but NewRetirement remains the top pick for holistic planning.
Begin securing your retirement future by exploring NewRetirement—its tailored features could transform your plans into a sustainable, stress-free reality.
Tools Reviewed
All tools were independently evaluated for this comparison