Android app that helps you visualize your retirement plan.
No matter how old you are, retirement probably crosses your mind now and then. The SmartMoney Retirement Planner app for Android allows you to specify an array of assumptions—retirement age, current assets, tax and inflation rates, etc.—and then generates a variety of graphs to help you visualize whether you will have the assets to cover your retirement.
You begin by entering your information—current age, expected retirement age, current salary and annual savings rate. You then enter your current assets—home equity, 401(k)/403(b), Roth 401(k), taxable brokerage, IRA, etc. The app has an impressive level of customizability. For example, when entering a 401(k) account you are able to specify your company’s percentage contribution up to a specific percentage of your income.
You are then able to set up future expected payments, such as income, annuities, one-time gains, and pensions, and then customize your retirement account drawdowns. You also have the option of including or excluding Social Security when calculating your retirement income.
Next, the app estimates your retirement spending levels. Here, spending is divided into six categories: housing, transportation, medical, essentials, discretionary and taxes. The app can use predefined spending levels based on a percentage of your last salary, or you can specify the “active,” “average” and “less active” periods of your retirement, with predefined spending allocations during each phase.
Finally, SmartMoney Retirement Planner allows you to specify and modify a variety of assumptions. These include life expectancy, annual raise rate, pre- and post-retirement tax rates and investment returns, and inflation assumptions.
Based on the information you enter and the assumptions you use, the Retirement Planner app will tell you whether or not you can afford to retire at your desired retirement age. The app also offers some suggestions on how to reach your goal, although many are no-brainers: increase your annual savings, postpone retirement, cut back on your retirement spending, adjust your life expectancy, and more.
Within the app you can also link to free SmartMoney retirement resources. These articles cover such topics as health care, estate planning and elder care.
SmartMoney’s Retirement Planner app certainly won’t replace an investment adviser or financial planner. It is, however, an easy-to-use app offering a good level of detail to help give you an idea of whether your current retirement plan is sufficient.
SmartMoney Retirement Planner for Android
OS: Android 3.0 or higher