Quick Overview
- 1#1: NewRetirement - Comprehensive online retirement planning platform for modeling scenarios, optimizing withdrawals, and tracking long-term financial health.
- 2#2: Empower - Free financial dashboard with advanced retirement projections, investment tracking, and personalized goal planning.
- 3#3: Maximize My Social Security - Specialized tool that calculates and optimizes the best Social Security claiming strategies to maximize lifetime benefits.
- 4#4: OnTrajectory - Powerful retirement simulator using Monte Carlo analysis to test scenarios and assess success probabilities.
- 5#5: ProjectionLab - Interactive retirement projection tool for exploring what-if scenarios, taxes, and portfolio strategies.
- 6#6: Flexible Retirement Planner - Free web-based planner for detailed cash flow modeling, expense forecasting, and withdrawal strategies in retirement.
- 7#7: Fidelity Planning & Guidance Center - Integrated retirement planning suite with personalized projections, Social Security estimates, and goal tracking.
- 8#8: Vanguard Retirement Nest Egg Calculator - Robust calculator for estimating retirement savings needs, investment growth, and sustainable withdrawal rates.
- 9#9: Charles Schwab Retirement Planner - Personalized tool for retirement income planning, portfolio analysis, and scenario optimization.
- 10#10: T. Rowe Price Retirement Income Calculator - Calculator focused on retirement income strategies, including annuities, withdrawals, and longevity risk.
We selected and ranked these tools based on feature depth, usability, data reliability, and value, prioritizing solutions that cater to diverse needs—from detailed cash flow analysis to personalized withdrawal strategies.
Comparison Table
Retirement planning software streamlines financial future projections, and selecting the ideal tool hinges on personal goals, needs, and preferences. This comparison table showcases popular options like NewRetirement, Empower, Maximize My Social Security, OnTrajectory, ProjectionLab, and more, detailing their distinct features and functionalities. Readers will learn how each tool aligns with diverse planning priorities, from Social Security optimization to comprehensive financial modeling.
| # | Tool | Category | Overall | Features | Ease of Use | Value |
|---|---|---|---|---|---|---|
| 1 | NewRetirement Comprehensive online retirement planning platform for modeling scenarios, optimizing withdrawals, and tracking long-term financial health. | specialized | 9.5/10 | 9.8/10 | 9.2/10 | 9.6/10 |
| 2 | Empower Free financial dashboard with advanced retirement projections, investment tracking, and personalized goal planning. | specialized | 9.2/10 | 9.5/10 | 8.8/10 | 9.7/10 |
| 3 | Maximize My Social Security Specialized tool that calculates and optimizes the best Social Security claiming strategies to maximize lifetime benefits. | specialized | 9.2/10 | 9.5/10 | 8.5/10 | 9.8/10 |
| 4 | OnTrajectory Powerful retirement simulator using Monte Carlo analysis to test scenarios and assess success probabilities. | specialized | 8.4/10 | 8.7/10 | 8.2/10 | 9.1/10 |
| 5 | ProjectionLab Interactive retirement projection tool for exploring what-if scenarios, taxes, and portfolio strategies. | specialized | 8.5/10 | 9.0/10 | 8.7/10 | 8.2/10 |
| 6 | Flexible Retirement Planner Free web-based planner for detailed cash flow modeling, expense forecasting, and withdrawal strategies in retirement. | specialized | 7.6/10 | 8.1/10 | 7.2/10 | 9.2/10 |
| 7 | Fidelity Planning & Guidance Center Integrated retirement planning suite with personalized projections, Social Security estimates, and goal tracking. | specialized | 8.2/10 | 8.5/10 | 7.8/10 | 9.5/10 |
| 8 | Vanguard Retirement Nest Egg Calculator Robust calculator for estimating retirement savings needs, investment growth, and sustainable withdrawal rates. | specialized | 7.2/10 | 6.5/10 | 9.5/10 | 10/10 |
| 9 | Charles Schwab Retirement Planner Personalized tool for retirement income planning, portfolio analysis, and scenario optimization. | specialized | 7.8/10 | 7.5/10 | 8.5/10 | 9.8/10 |
| 10 | T. Rowe Price Retirement Income Calculator Calculator focused on retirement income strategies, including annuities, withdrawals, and longevity risk. | specialized | 7.6/10 | 7.4/10 | 8.7/10 | 9.5/10 |
Comprehensive online retirement planning platform for modeling scenarios, optimizing withdrawals, and tracking long-term financial health.
Free financial dashboard with advanced retirement projections, investment tracking, and personalized goal planning.
Specialized tool that calculates and optimizes the best Social Security claiming strategies to maximize lifetime benefits.
Powerful retirement simulator using Monte Carlo analysis to test scenarios and assess success probabilities.
Interactive retirement projection tool for exploring what-if scenarios, taxes, and portfolio strategies.
Free web-based planner for detailed cash flow modeling, expense forecasting, and withdrawal strategies in retirement.
Integrated retirement planning suite with personalized projections, Social Security estimates, and goal tracking.
Robust calculator for estimating retirement savings needs, investment growth, and sustainable withdrawal rates.
Personalized tool for retirement income planning, portfolio analysis, and scenario optimization.
Calculator focused on retirement income strategies, including annuities, withdrawals, and longevity risk.
NewRetirement
specializedComprehensive online retirement planning platform for modeling scenarios, optimizing withdrawals, and tracking long-term financial health.
Retirement Optimizer that automatically tests thousands of scenarios to maximize spending and minimize risks
NewRetirement is a comprehensive online retirement planning platform that enables users to model their full financial life from now until death, incorporating income, expenses, investments, Social Security, taxes, healthcare, and longevity risks. It offers advanced scenario planning, Monte Carlo simulations, and optimization tools to test retirement strategies and identify gaps. The tool stands out for its holistic approach, allowing users to create detailed, personalized plans without needing a financial advisor.
Pros
- Extremely detailed financial modeling with real-time data integration for Social Security, taxes, and investments
- Powerful what-if scenario testing and Monte Carlo simulations for robust risk assessment
- Free basic version with unlimited lifetime access, making it accessible for all users
Cons
- Steep learning curve for beginners due to the depth of features
- Premium features required for advanced optimizations and tax planning
- Primarily web-based with limited mobile optimization
Best For
DIY retirees and pre-retirees seeking in-depth, advisor-free financial planning with scenario analysis.
Pricing
Free basic plan; Premium ($120/year) for advanced planning; Ultimate ($240/year) for full optimization tools.
Empower
specializedFree financial dashboard with advanced retirement projections, investment tracking, and personalized goal planning.
Retirement Planner with Monte Carlo analysis and Social Security optimization
Empower (formerly Personal Capital) is a comprehensive financial platform with powerful retirement planning tools that allow users to aggregate accounts from thousands of institutions for a holistic view of their finances. Its Retirement Planner uses advanced projections, including Monte Carlo simulations, to forecast retirement readiness, optimize withdrawal strategies, and simulate various scenarios. The platform also offers investment checkups, fee analysis, and cash flow tracking to help users maximize their retirement savings.
Pros
- Free, robust retirement projection tools with scenario planning
- Seamless account aggregation from 14,000+ institutions
- Access to CFP advisors for high-net-worth users
Cons
- Aggressive upselling to paid advisory services
- Some advanced features require minimum assets ($100K+)
- Privacy concerns due to extensive data linking
Best For
Pre-retirees and savers with multiple accounts who want detailed projections and potential advisor access without upfront costs.
Pricing
Core planning tools are free; managed advisory services charge 0.89% AUM on first $1M, decreasing to 0.49% above $10M.
Maximize My Social Security
specializedSpecialized tool that calculates and optimizes the best Social Security claiming strategies to maximize lifetime benefits.
Proprietary algorithm evaluating thousands of personalized claiming combinations to identify the highest lifetime benefit strategy
Maximize My Social Security is a web-based tool specializing in optimizing Social Security claiming strategies for individuals and couples to maximize lifetime benefits. It analyzes thousands of potential claiming scenarios, incorporating factors like earnings history, spousal and survivor benefits, and tax implications. Users input their data to receive detailed reports with personalized recommendations, projections, and comparisons of different strategies.
Pros
- Analyzes over 10,000 customized claiming strategies for maximum accuracy
- Handles complex scenarios including couples, divorce, and survivor benefits
- Trusted by financial advisors with proven optimization results
Cons
- Focused solely on Social Security, lacking broader retirement planning tools like IRA or 401(k) modeling
- Requires detailed personal data input which can be time-consuming
- Web interface feels somewhat dated compared to modern apps
Best For
Pre-retirees and couples seeking to precisely maximize Social Security benefits without ongoing subscriptions.
Pricing
One-time fee of $49.95 for individuals or $59.95 for couples, with a free basic calculator available.
OnTrajectory
specializedPowerful retirement simulator using Monte Carlo analysis to test scenarios and assess success probabilities.
Interactive trajectory graphs that plot probabilistic paths for net worth and spending over decades
OnTrajectory is a web-based retirement planning tool that visualizes users' financial trajectories over time, allowing them to model net worth, spending, savings, and withdrawals across multiple scenarios. It incorporates Monte Carlo simulations for probabilistic forecasting, integrates Social Security estimates, and supports what-if analyses for life events like market downturns or healthcare costs. Designed for individuals and families, it emphasizes intuitive graphs and charts to help users understand retirement sustainability without needing advanced financial expertise.
Pros
- Exceptional trajectory visualizations for clear long-term financial projections
- Robust scenario planning with Monte Carlo simulations
- Affordable pricing with family sharing options
Cons
- Limited tax optimization and advanced estate planning tools
- No native mobile app or deep integrations with brokerage accounts
- Steeper initial learning curve for complex customizations
Best For
DIY retirees and pre-retirees who want visual, scenario-based planning without hiring a financial advisor.
Pricing
Starts at $99/year for individuals ($120/year for couples), with a 14-day free trial; premium family plans at $199/year.
ProjectionLab
specializedInteractive retirement projection tool for exploring what-if scenarios, taxes, and portfolio strategies.
Interactive visual planning canvas with real-time Monte Carlo probability cones
ProjectionLab is a web-based retirement planning tool featuring an interactive visual canvas for modeling financial scenarios over time. Users can input assets, income, expenses, taxes, Social Security, and more, while running Monte Carlo simulations to assess success probabilities under market volatility. It empowers DIY planners to explore 'what-if' scenarios like early retirement or lifestyle changes with dynamic visualizations.
Pros
- Intuitive drag-and-drop visual interface for scenario building
- Robust Monte Carlo simulations with customizable assumptions
- Flexible handling of complex variables like taxes, inflation, and longevity
Cons
- Steeper learning curve for beginners unfamiliar with financial modeling
- Limited integrations with external bank or investment accounts
- No native mobile app, relying on web browser access
Best For
DIY retirees and pre-retirees who want a powerful, visual tool for in-depth scenario testing without advisor involvement.
Pricing
Free basic plan with limited projections; Pro plan at $15/month or $120/year for unlimited scenarios and advanced features.
Flexible Retirement Planner
specializedFree web-based planner for detailed cash flow modeling, expense forecasting, and withdrawal strategies in retirement.
Dynamic flexible spending model that automatically adjusts withdrawals based on portfolio balance and predefined guardrails
Flexible Retirement Planner is a web-based retirement planning tool that enables users to model flexible spending scenarios, incorporating variable withdrawals based on portfolio performance and market conditions. It utilizes Monte Carlo simulations to project retirement success probabilities, accounting for inflation, taxes, and Social Security. The software provides visual charts and reports to help users adjust strategies for sustainable retirement income.
Pros
- Highly flexible withdrawal strategies that adapt to market volatility
- Robust Monte Carlo simulations for risk assessment
- Free access with comprehensive visualizations and reports
Cons
- Limited integration with external financial accounts
- Interface feels dated and less polished than competitors
- Basic tax and healthcare modeling without advanced customization
Best For
DIY retirees or pre-retirees looking for a free, simulation-driven tool to test flexible spending plans without needing professional software.
Pricing
Completely free with no paid tiers or subscriptions.
Fidelity Planning & Guidance Center
specializedIntegrated retirement planning suite with personalized projections, Social Security estimates, and goal tracking.
Real-time portfolio integration that pulls live account balances and holdings for hyper-personalized retirement forecasts
Fidelity Planning & Guidance Center is a free online tool provided by Fidelity Investments for retirement planning and financial guidance. It allows users to set retirement goals, project future savings and income, analyze Social Security benefits, and simulate various withdrawal strategies using real account data. The platform offers personalized recommendations, educational resources, and scenario modeling to help optimize retirement outcomes.
Pros
- Seamless integration with Fidelity accounts for accurate, real-time data
- Comprehensive retirement calculators including Monte Carlo simulations and tax optimization
- Free access with extensive educational content and guidance
Cons
- Requires a Fidelity account for full functionality
- Interface can feel cluttered and overwhelming for complete novices
- Limited customization outside the Fidelity ecosystem
Best For
Existing Fidelity customers who want an integrated, no-cost tool for detailed retirement projections and planning.
Pricing
Free for Fidelity account holders; no additional costs.
Vanguard Retirement Nest Egg Calculator
specializedRobust calculator for estimating retirement savings needs, investment growth, and sustainable withdrawal rates.
Straightforward 'nest egg' projection using Vanguard's conservative 5-7% return assumptions tailored for long-term savers
Vanguard's Retirement Nest Egg Calculator is a free web-based tool on vanguard.com that helps users estimate their required retirement savings by inputting details like current age, retirement age, life expectancy, current savings, annual contributions, and expected returns. It projects whether users are on track to build a sufficient 'nest egg' with simple visualizations of savings growth over time. Ideal for quick, high-level retirement planning, it leverages Vanguard's investment expertise but focuses on basic projections without advanced portfolio management or account integration.
Pros
- Completely free with no account required
- Quick and intuitive interface for instant results
- Backed by Vanguard's reputable low-cost investment philosophy
Cons
- Limited to basic scenarios without tax, inflation, or Social Security details
- No ongoing tracking, portfolio optimization, or personalized advice
- Assumes static return rates without market volatility modeling
Best For
Beginners or casual users wanting a fast, no-commitment check on retirement savings progress.
Pricing
Free (no subscription or fees required)
Charles Schwab Retirement Planner
specializedPersonalized tool for retirement income planning, portfolio analysis, and scenario optimization.
Monte Carlo simulation engine providing probability-based outcomes rather than single-point estimates
Charles Schwab's Retirement Planner is a free online tool accessible via schwab.com that helps users project retirement savings, income needs, and potential shortfalls using Monte Carlo simulations. It allows scenario testing, such as adjusting savings rates, withdrawal strategies, and investment allocations, while providing personalized recommendations. Designed for simplicity, it integrates seamlessly with Schwab accounts for real-time data but is available to non-clients as well.
Pros
- Completely free with no subscription required
- Monte Carlo simulations for probabilistic, realistic projections
- Seamless integration with Schwab accounts for accurate real-time data
Cons
- Limited depth in advanced tax optimization and estate planning
- Less customizable inputs compared to dedicated paid software
- Full features may require a Schwab account registration
Best For
Ideal for Schwab clients or beginners wanting a simple, cost-free tool for basic retirement projections and scenario planning.
Pricing
Free to use for all users.
T. Rowe Price Retirement Income Calculator
specializedCalculator focused on retirement income strategies, including annuities, withdrawals, and longevity risk.
Monte Carlo simulation engine that models thousands of market scenarios to show success probability distributions
The T. Rowe Price Retirement Income Calculator is a free web-based tool that helps users evaluate the sustainability of their retirement savings and withdrawal strategies. Users input details like current age, retirement age, savings balance, contributions, spending needs, and investment assumptions, and the tool runs Monte Carlo simulations to estimate success probabilities. It provides visual charts showing projected portfolio outcomes over time, factoring in market volatility, inflation, and longevity risks.
Pros
- Utilizes robust Monte Carlo simulations for realistic probabilistic outcomes
- Intuitive interface with clear visualizations and scenario comparisons
- Completely free with no account required for basic use
Cons
- Limited scope focused only on income sustainability, lacking tax optimization or Social Security integration
- No portfolio tracking, account syncing, or advanced customization options
- Assumes fixed spending and return distributions that may not suit complex needs
Best For
Pre-retirees or early planners wanting a quick, reliable check on retirement drawdown viability without paying for premium software.
Pricing
Free to use.
Conclusion
The reviewed retirement planner software offers diverse solutions, with NewRetirement leading as the top choice for its all-inclusive scenario modeling and long-term health tracking. Empower stands out as a strong free alternative, providing robust projections and investment oversight, while Maximize My Social Security excels for users focused on optimizing their Social Security claiming strategies. Each tool addresses unique needs, ensuring there’s a fit for every retiree’s financial goal.
Begin building your retirement plan with NewRetirement to leverage its comprehensive features and craft a secure, tailored future.
Tools Reviewed
All tools were independently evaluated for this comparison