Retire AZ Style News

3 Smart Ways to Use Technology to Manage Your Retirement Money

September 17th, 2017 1:26 PM by Sharon Mason

3 Smart Ways to Use Technology to Manage Your Retirement Money

When it comes to managing your retirement accounts, you used to have to get all the information you needed in person. But today, innovative technology is changing the way active adults manage their lives. And though older Americans are typically less likely to change their ways, there are a lot of technological advances that can make money management easier and save time. Here are 3 smart ways to use technology to manage your retirement money.

1.) Online retirement calculators: A comprehensive retirement planning spreadsheet takes some time and knowledge to customize for your needs. If you aren’t up for the task, free online calculators make the calculations for you. A few popular tools are Personal Capital and NewRetirement. Personal Capital is a free online service that aggregates all your financial accounts using secure connections. NewRetirement takes your detailed financial information, such as income, expenses, investments and desired retirement age, and funnels it into a comprehensive analysis.

2.) Online budgeting software: Online budgeting tools securely import your bank and credit card transactions and empower older adults to set up budgets and track spending automatically down to the penny each month. These products can help identify excess spending and opportunities to save more. A few popular online program options include Mint, EveryDollar, and You Need a Budget. Each program is individually designed to help with goal setting, budgeting, and more.

3.) Robo advisors: Traditional advisors offer one-on-one guidance and allocate your money based on a set of recommendations. However, a new breed of online advisors has risen to popularity. Robo advisors take the emotion out of financial planning by using algorithms to build your asset allocations based on your personal situation. Instead of manually managing your money, robo advisors do it automatically. The advantages are that fees are much lower and investment decisions are done by a computer instead of a human, eliminating bias and emotionally driven mistakes. Two of the larger robo advisors are Betterment and Wealthfront. These services use algorithms to build your portfolio based on your investment objectives and life stage.

Which of these 3 smart ways to use technology to manage your retirement money will work for you? If you would like more information about retiring in Arizona or if you’re looking to buy a home in an Arizona retirement community, please contact Sharon Mason today!

Your Arizona Retirement Expert,
Sharon Mason
RE/MAX Professionals
623-810-9988
www.RetireArizonaStyle.com
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